A report from Avison Young says that there is significant opportunity for development and investment created by the growth areas around transit nodes in the GTA where there is a confluence of residential and commercial demand.
"Our topical report profiles four commercial growth areas that demonstrate the importance of transit connections to future development: East Harbour, Vaughan Metropolitan Centre, the Pearson Transit Centre and the Hurontario Light-Rail Transit corridor," says Bill Argeropoulos, Principal and Practice Leader, Research (Canada) for Avison Young. "With so much planned development on the drawing board and funding in place, this is a time of opportunity for forward-looking commercial property owners and occupiers."
With the region’s population projected to grow 42.5% in the next quarter century, there will be infrastructure challenges but Avison Young expects this to be met from government and private investor groups.
"The recent news that Toronto is vying for selection as the location of Amazon's proposed $5-billion second headquarters in North America, and Google sister company Sidewalk Labs' plan to build a high-tech neighbourhood called Sidewalk Toronto on the city's waterfront, only serve to emphasize the importance of making investments in the city's future to further increase its appeal to major global corporations," says Argeropoulos.
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The Ontario government’s investment of more than $160 billion over 12 years, coupled with developers’ investment in residential and commercial real estate will help the GTA’s projected growth in the next 25 years.