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The planned move to the top of Scotia Plaza has energized the culture and work environment at the firm, he said, adding he hopes it will lure more lawyers back to the office on a regular basis.

KingSett’s chief asset management officer, William Logar did not comment on the rate, but said Scotia Plaza offers a strong combination of location and amenities in a building that is certified as zero carbon.

“Following COVID, lots of employers are quite mindful as to how are we able to attract and have our employees come back to the office,” said Annie Houle, the head of Canada for Ivanhoé Cambridge, which developed and owns CIBC Square.

But the weakness in commercial real estate exposes demographic and technological forces that were already affecting demand for office space before the pandemic, as businesses sought to recruit younger employees by embracing tools that allowed more flexibility in how work got done.

Aside from the sale of 121 King St. W. to Crestpoint early 2022, the only other major transaction in Toronto was the January, 2022, purchase of Royal Bank Plaza by a company controlled by Amancio Ortega, the Spanish billionaire owner of the Zara fashion retail chain, for $1.2-billion.

Unlike developers and other owners that used debt to finance their office portfolios, and have come under intense pressure from rising interest rates that might force some to sell assets, large pension funds are better capitalized with more equity.

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