Toronto office space rents and rental rates are not only impacted by the developer or the landlord, but by their location.
Toronto’s city planners are currently undergoing an extensive Downtown Transportation Operations Study (DTOS) looking at Toronto’s Financial Core, Downtown West, Downtown East, Downtown North, South Financial Core, Downtown South neighbourhoods.
Recent enhancements to torontoofficespace.com “Search” module has made it even easier to research office buildings in the Greater Toronto Area. It is still simple, elegant but searching by address or street is a search criteria on its own now. The database of buildings and the information on those buildings is expanding daily.
Most of the commentary made about demand for office space is in relation to vacancy rates, availability, or absorption – with an examination mostly of the supply side of the equation (ie new buildings being delivered to inventory). Whilst there is no question as to the relevancy of these statistics and metrics, some additional perspective and insight can be gleaned by looking at Census data and the resultant demographic trends.
If one looks at population growth in each of the preceeding three (3) Census periods (1991-1996, 1996-2001 and 2001-2006), population growth in the Peel, York and Halton Regions outpaced that of Downtown Toronto by between three and four times. In the most recent Census period (2006-2011) the tables appear to have turned with a significant new trend emerging. Downtown Toronto population growth outpaced that of Peel, York and Halton…
With the targeted 2016 completion of the TTC subway extension, the excitement in Vaughan is building.
The vision of a high-density downtown will transform the cityscape and create a central focus for businesses and residents. The Vaughan Metropolitan Centre is a master planned downtown redevelopment with office buildings, residences, entertainment, cultural facilities, and pedestrian shopping areas. With approximately 440 acres of development opportunities, it is the largest and most ambitious project in the city’s history and one the largest redevelopments in North America.
VMC Key Data: The Projected Results by 2031 (The VMC Plan, 2012):
• Provide a minimum of 5,000 new office jobs.
• Support a minimum of 1,500 new retail and service jobs.
• House a minimum of 12,000 residential units.
Content written by Mark Sullivan, [email protected]
Give your employees a life! Throw out the old boring office concepts and give your employees a space that will instill pride, create confidence, and allow employees to exceed expectations.
Create an office space that will allow your employees to connect. Give rise to the new modern workplace design and archive the uninspiring and dull cubicle of the past. With the average employee spending more of their waking hours in the work place than not, the need for a space that stimulates identity and culture is crucial to success. How to create such success? Through three key features shaping the modern workplace: Mobility, Flexibility and Sustainability.
Energy retrofits are taking place across the commercial real estate industry as landlords aim to reduce consumption and costs, achieve industry targets and modernize their portfolios. As the office world moves towards greener solutions, landlords are under pressure to meet the high demands of the new “green standards” while continuing to increase performance. Energy retrofits underway in many buildings include:
• Replacing older T-12 lights (typical fluorescent) with new T-8 technology can reduce lighting costs by up to 25% on average
• Adding occupancy sensors to reduce unnecessary lighting
• Replacing traditional EXIT signs with newer light emitting diode (LED) signs. By law, EXIT signs must be lit whenever the building is occupied, so they are often lit 24 hours a day.
Mark Rose is the CEO of Avison Young, a leading full-serviced commercial real estate services firm headquartered in Toronto. Avison Young has experienced impressive growth in recent years to become the largest, Canadian-owned, independent brokerage in North America expanding its service platform into all major North American Centres. This video segment is not only an excellent commentary on the prognosis of the real estate market this year, but also it gives some insight into Mark’s personality and character. His honesty, integrity and likeability are very evident to the audience watching this video clip.
One situation that was recently encountered in a Toronto bank tower caused anxiety for the partners in a financial services firm. Their below-market sublease was coming to an end and the space they occupied under sublease would satisfy their requirements for a relatively short period of time beyond the sublease expiry (2-3 more years).
They were shocked to find out that, for a short term extension of their occupancy with the head landlord of the office tower, the proposed rents would be about $20 per square foot more than they had been paying under the sublease.
If they wanted to stay in AAA Class space on a high-rise floor with elevator…
torontoofficespace.com now allows visitors to view all major office buildings on North Yonge Corridor. North Yonge Corridor is an area of Toronto defined by the commercial real estate industry as an area that captures all main-stream office building developments having a Yonge Street address or located in close proximity to Yonge Street; as far north as Steeles Avenue and as far south as Lawrence Avenue.