Major high-rise office projects accommodating more tech tenants and greater commercial investment volume are scheduled to commence soon in Toronto and Vancouver.
Leading developers Allied Properties REIT and Westbank have announced that the construction of the office towers – which are predicted to “reshape” these markets’ downtown areas – will pave the way for greater tech industry presence in Canada’s largest markets.
Tech companies have been cited by observers like Marcus & Millichap as a major pillar of stability form the office property sector.
In Toronto, the 264-metre, 1.7-million-square-foot Union Centre building will be built near Union Station.
“[Union Centre] is a sign of what Toronto is becoming,” Westbank chief executive Ian Gillespie told The Globe and Mail. “The city isn’t just about finance any more. It’s about everything: tech, culture and a variety of other pursuits.”
Read more: Commercial property market heavily leans upon tech companies
In Vancouver, Allied Properties REIT and Westbank will be erecting a 500,000 sq. ft. tower beside BC Place. This project is expected to become one of the city’s largest office buildings so far.
Tech’s influence in Canadian commercial real estate has been predicted to grow even stronger in the near future, with major players like Microsoft, Google, and Amazon likely spending billions in office expansions and hire tens of thousands of new workers over the next few years.
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