JLL Calls For 'Full Repeal' Of Office Replacement Bylaw Ahead Of City Deliberations

JLL has a released a study that recommends that percentage be reduced to zero.

Ahead of final policy recommendations regarding the Office Replacement Bylaw to be considered by Toronto's Planning and Housing Committee in Q4, JLL Commercial Real Estate has released a study titled "Less Office, More Housing," which calls for a "full and unconditional repeal of the Office Replacement Bylaw to unleash supply."

JLL has a released a study that recommends that percentage be reduced to zero.

According to their findings, there are currently 73 parcels of land in Toronto where there is currently a redevelopment project proposed at the site of an existing office building, 51,398 proposed residential units exist on these sites, and 9.3 million sq. ft of lower-grade office space stand to be removed from the market if the projects were to go ahead.

"It is worth noting that this list is likely to grow over time," says the report. "As market conditions in the lower grade Class ‘B’ and ‘C’ segments of the office market continue to deteriorate as they are expected to, more developers will look to redevelop these functionally obsolete buildings into residential use if the zoning allows."