Toronto shares a surprising symmetry with New York, serving the same role of financial engine for Canada as New York does for the U.S. Toronto is the third largest financial center in North America by employment and the fourth largest by income. Vacancy rates in Toronto's commercial business districts are almost identical to vacancy rates here-6% to Manhattan's overall vacancy rate of 4.8%.

Predictions for Toronto and Manhattan remain relentlessly optimistic, as both markets are still well below equilibrium (projected at 7-9% by Cushman & Wakefield's research department). Although the amount of sublease space has doubled since the end of 2000, only 2.2% of Manhattan's economy is technology-based. Similarly, the greater Toronto area is home to mostly research & development and software firms with a telecommunications infrastructure. Toronto has the most inexpensive connectivity of all of the "G7" countries.

Carl Weisbrod, president of the Alliance for Downtown New York, returned Fierheller's compliment. "We based our model of a livable CBD on Toronto-we wanted to make our CBD the Toronto of the South," he joked.