Key factors driving urbanization in Mississauga:
• Shifting perspective on how we use office space. Businesses and employees want flexibility and choice in their workplace, says Patrick Campbell, Principal, Avison Young Toronto West. Companies are refining workplace strategies (remote, in-office, hybrid) to decide what’s best for their business, their company culture and their employees’ lifestyles. As prepandemic legacy leases are expiring, commercial real estate advisors are guiding businesses in locating and designing workspaces that align with newly implemented workplace strategies and provide maximum return on investment.
• Flight to Quality: While already a trend being observed across most major markets, the pandemic has accelerated the demand from occupiers for high quality office environments that offer an array of amenities and benefits to employees. In this flight to quality, Mississauga presents an opportunity for continued development, with many projects currently underway in desirable locations offering many of the required amenities and transit infrastructure already in place.
• Connectivity: There is a significant amount of commercial development and leasing activity in the Mississauga market, particularly along existing and upcoming transit hubs, says Colin Bell, Principal, Avison Young Toronto West. The upcoming Light Rail Transit (LRT) system is one of the biggest drivers of new development in our market – and Bell expects this infrastructure project will be a pivotal transformation for future business growth in the city, bringing more people into the city to work. The LRT will also encourage more people to call Mississauga home and Bell sees evidence of this already today, with about 7,000 units currently under construction and an additional 22,000 residential units in the pipeline. “This is in addition to several major organizations over the past few years making long-term commitments to significant amounts of space directly along the upcoming LRT line,” adds Bell.
• Diverse, multi-talented labour pool: As more people settle into Mississauga, employers will have an abundant supply of talent. Employees in the city centre will have the appeal of an ideal office location close to shopping, dining, entertainment and many other important amenities.
Commercial Real Estate for REAL Impact
With an accessible city centre for workplaces, expanding residential housing, mixed-use transit-oriented developments, and thriving greenspaces, Mississauga offers the perfect work-life balance.
“Mississauga is a city with the potential to rival the urban centres of some of Canada’s largest major cities. It is truly an exciting time and our entire team at Avison Young is thrilled to witness the evolution and development of this incredible city,” says Campbell. “Mississauga offers an exemplary human experience with an enviable blend of culture, entertainment, dining, shopping, education, employment and so much more.”
If one were to envision what this vibrant city will look like 10 or 15 years from now, the highlights would certainly include booming residential development, extraordinary urban infrastructure for commercial expansion, high-tech transit facilities, a rich talent pool for employers to draw upon, and all the bells and whistles one expects from a world-class city.
“Avison Young is the only major commercial real estate company to have an office right in the heart of the Mississauga City Centre, and we are seeing the transformation of the downtown core firsthand – we live and breathe it every day. We enjoy the access this location provides to the abundance of services and amenities in the City Centre.” says Bell. “We truly believe in the future of this downtown and are actively working with our landlord and occupier clients to create healthy, productive workplaces for employees. We strive to build functional environments that create a net benefit to the economy, environment, and community. In many ways Mississauga is the place to be.”