As land and development opportunities shrink and as office space becomes more expensive, prime options abound in regions outside the downtown Toronto core.
“Companies are chasing talent – and a lot of their highly skilled workforce resides in the suburbs,” says Kurt Love, Vice President of sales and leasing for Toronto West at commercial real estate and advisory firm Avison Young. “For example, insurance companies and financial services firms are recognizing that they can relocate or create satellite offices closer to where staff live. We’re in negotiations with several businesses seeking to do these very things – and this is where places like Burlington come into the picture.”
Growth in the office marketplace has resulted in over 500,000 square feet of positive absorption in Avison Young projects since the start of the pandemic. Industrial land and buildings have also seen explosive demand in Halton, says Harrison Livermore, Principal for Toronto West at Avison Young. “Industrial is red-hot; we’re seeing a heavy focus on speculative construction west of Toronto, particularly when it comes to warehousing and logistics.”
This past quarter, 82% of industrial construction in the Greater Toronto Area was completed to the west and more than a third of current construction is also in the west. “This is a strong signal to the market that areas like Halton are very much in demand,” adds Livermore.
Avison Young is well positioned to help with real estate decisions, offering a range of services such as site selection, brokerage, and project and facilities management. “Like a one-stop shop, we operate as a real estate department for clients,” says Love
