Shopify Inc. has announced that it will be opening its latest 3.2-hectare mixed-use development in Toronto’s downtown area by 2022.
The expansion will come together with the e-commerce firm’s upsizing of its workforce in the city, doubling it to 1,500 within three years.
“Shopify has been present in Toronto for seven years and what we’ve found is this is a great place to build a really wonderful tech company,” Shopify director of user experience Amy Thibodeau told BNN Bloomberg.
Thibodeau added that Shopify is not backing out from the heated competition among companies in Toronto, especially tech firms vying for the attention of skilled industry professionals.
“We’re not a satellite office … and that makes Shopify unique and compelling in this city,” she said. “And I think more competition is good for Toronto.”
The development will be situated in the King and Portland Centre. At present, Shopify has around 700 employees spread across two locations and seven offices in Toronto, Ottawa, Montreal, and Waterloo. The company has a total of around 4,000 employees worldwide.
Warehouses, retail locations, and other similar commercial installations remain the investment assets of choice in Toronto’s commercial property market, according to a Q1 2019 analysis by Avison Young.
Industrial property saw $817 million in sales during the first quarter alone, impelled by steadily growing rents and a long-running imbalance between supply and demand. This accounted for a massive 30% of the GTA commercial market’s total volume during that time frame.