TORONTO, Ont. – It’s not just the residential real-estate market that’s having a good year around the Greater Toronto Area, with office space selling and renting at premium prices.

With the condo boom taking up precious downtown space, the demand for office space in the downtown core is growing rapidly.

As more people choose downtown living, businesses are taking advantage of the profits of setting up shop within close proximity.

The latest Colliers International office-market report shows vacancy rates down and lease prices up.

“Toronto is an anomaly in North America in its resiliency through the downturn, and its ability to recover and rebuild,” said John Arnoldi, Managing Director of the Toronto Region of Colliers International.

“Our vacancy rates continue to decrease, prices are stabilized, we’re going to see a record price achieved for the sale of Scotia Plaza, it’s quite a rosy picture for the GTA office market right now.

On top of the already high prices, recently opened buildings and new construction projects are being quickly snapped up by eager businesses, according to Arnoldi.