The City of Toronto is continuing its largest and most rapid expansion in over 175 years.
As of 2014, Toronto has the most new skyscrapers under construction among the 26 major global cities included in PwC’s Cities of Opportunity report.
The rapid development of real estate in Toronto is a direct result of business growth, competitive interest rates, and favourable market returns.
Some Real Estate Facts
- A 20,000 ft2 office leased in Toronto will cost $336,200 CDN less per year then a similar space in midtown New York.
- The cost of prime office space in Toronto's central business district is 70% lower than comparable space in London's West End.
- In 2014, average Industrial and Commercial/Retail properties were at an average of $5.29/ft2 net and $22.31/ft2 gross.
(GTA Realtors Report, 2014)
Toronto Real Estate Board (TREB): Commercial Division
The Commercial Division of TREB features different types of commercial real estate in the Toronto region, and offers an online Realtor Search Tool. The site's search function is a starting point for those interested in commercial real estate sites and options. Links to the Ontario Investment Service (OIS) and the Canadian Real Estate Association's (CREA), ICX.ca, provide additional information. For a more in-depth search, interested parties are encouraged to seek assistance from a Realtor.
Invest in Ontario: Ontario Commercial Real Estate & Businesses
Invest in Ontario, in cooperation with the Ontario Real Estate Association (OREA), maintains a valuable repository of available commercial real estate in the Toronto Region. A database of these properties can be accessed through the Invest in Ontario website.
2014 Property Tax Rates
||City Tax Rate %
||Education Tax Rate %
||Transit Tax Rate %
||Total Tax Rate %
|Residual Commercial-Band 1
|Residual Commercial-Band 2
Estimated taxes on a residential property with an Assessed Value of $499,521
Estimated property tax = Assessed Value x Residential Tax Rate
= $499,521 x 0.7230085%
Click to view select areas and major developments:
Toronto’s waterfront development is the largest urban renewal project in North America, and one of the most significant revitalization projects in the world. When complete, 800 hectares of land located minutes from Toronto's downtown core will be transformed into 40,000 residential units, 1.2 million yr2 of commercial space, and 300 hectares of parks. All new waterfront development projects, which include buildings, streets, parks and public art, will reflect Toronto's commitment to creative architecture and urban design. The new waterfront communities are being developed with advanced telecommunications infrastructure, including ultra-high speed broadband technology.
Waterfront image credit: Waterfront Toronto. George Brown College image credit: Stantec Architecture/Kuwabara Payne McKenna Blumberg Architects
The West Don Lands are being transformed from former industrial lands into a sustainable, mixed-use, pedestrian-friendly, riverside community. Encompassing a 32-hectare area, it will feature 6,000 new residential units, ample space for employment and commercial uses, at least one elementary school, and two child-care centres - all encircled by 10 hectares (25 acres) of parks and public spaces. The neighbourhood has already received Stage 1 LEED ND GOLD (Leadership in Energy and Environmental Design for Neighbourhood Development) certification under the pilot program established by the U.S. Green Building Council.
Corus Quay, the new corporate headquarters for Corus Entertainment, is a 450,000 ft2 office and broadcast centre located at the water's edge in East Bayfront. More than 1,100 highly-skilled, creative-based employees work at Corus Quay helping to promote a thriving business and cultural community in East Bayfront. Corus Quay, like all new buildings in East Bayfront, has achieved the Leadership in Energy and Environmental Design (LEED) Gold designation. The building features a green roof and a massive interior five-story bio wall for air filtration.
Canada's Sugar Beach is a whimsical new park that transformed a surface parking lot in a former industrial area into Toronto's second urban beach at the water's edge. Located at the foot of Lower Jarvis Street between the newly open Corus building and the Redpath Sugar Factory, the 9,295 yards park is the first public space visitors see as they travel along Queens Quay from the central waterfront
The waterfront campus will add 300,000 ft2 to the college's Toronto footprint, including a full complement of student services and, with a capacity of 3,500 students, will allow for a growth of more than 1,000 students in the health sciences professions alone. The facility will also free up considerable space across existing campuses and permit greater expansion in other high-growth areas, such as construction and apprenticeship programs - industries expected to experience an imminent labour shortage. It will also generate approximately 1,750 new jobs during the construction phase. Funding of $91.5 million for this project is being provided by the Government of Canada's Knowledge Infrastructure Program and from the Ontario government, representing approximately 50% of the total investment required for the first phase of the college's waterfront development.
The RBC Centre opened with 1.2 million ft2 and 43 stories of office space in 2009. Upon completion, 2,100 RBC Dexia employees were among the first to move into the new space. The building is credited as Toronto's most innovative and environmentally friendly tower. Built by Cadillac Fairview, the RBC Centre was built to Leadership in Energy and Environmental Design (LEED) Gold Certified Standards.
Completed on time and under budget in June 2009, the Bay Adelaide Centre is Toronto's first and only Leadership in Energy and Environmental Design (LEED) Certified Core and Shell Gold high-rise office building. The Bay Adelaide Centre is anchored by prestigious legal and accounting firms, representing a new standard for premier "AAA" class commercial properties. Integrating past and present, Brookfield, the property developer, successfully incorporated the historic National Building façade at 347 Bay Street into the stunning design of a premier 51-storey, 1.2 million ft2 office tower.
TELUS House is a 30 storey, 780,000 ft2 building located in the heart of Canada's business epicenter. The $250 million project funded by TELUS Communications opened in May 2009. The tower offers street level access to the PATH, Toronto's underground walkway, connecting commuters to the busiest transit hub in Canada.
The Southcore Financial Centre will feature three distinct towers, including 18 York, which will be anchored by Pricewaterhouse Coopers; the 30 storey and 700,000 sq. ft. Bremner Tower; and the Delta Toronto - a next-generation, premium 4-star hotel.
Southcore Financial Centre will provide an enclosed pedestrian link to Union Station, the PATH network, and the Metro Toronto Convention Centre. All of the towers are connected via more than 14,000 sq. ft. of urban forest areas and pedestrian walkways.
Towering 60-stories above Toronto, with panoramic views of the surrounding city and Lake Ontario, the Trump International Hotel and Tower serves as an elegant combination of commercial and residential real estate in the downtown core. The tower's design embraces the modern cosmopolitan flair that is distinctly Toronto, by creating a perfect mix of fine details, innovative function and lasting design esthetics.
The Shangri-La Toronto is a 65-storey glass tower elegantly situated on University Avenue, steps away from the city's finest entertainment, cultural, shopping, business, education and dining venues. The 873,000 ft2 residential and mixed-use tower includes luxury residential suites and the prestigious Shangri-La Hotel. The first 17 floors of the development incorporate the historic "Bishops Block"- one of the oldest remaining buildings in Toronto.
Offering elegance with some of the city's most luxurious spaces, the Four Seasons Private Residences brings a new dimension to one of the city's most desirable neighbourhoods: Yorkville. The tower enjoys proximity to the fashionable shopping, dining and entertainment quarter, only five minutes from the business district.
The Thompson Toronto is located in the arts and design neighbourhood of King West Village, which features the city's most notable galleries and boutiques. The location is adjacent to the financial and entertainment districts. The 102 guest rooms, designed by Studio Gaia, all feature floor-to-ceiling windows with sweeping views of the city furnished in a contemporary, luxurious and comfortable fashion.
Among the newest Toronto luxury hotels, the Ritz-Carlton welcomes guests to the heart of the city's financial district with a world-class spa, exceptional dining and impeccable service. The 53-storey architectural icon features 267 rooms and 159 condominium residences. Just steps from landmark locations, including the Design Exchange, CN Tower, and the Entertainment District, the tower provides convenient access to all Toronto has to offer.
Woodbine Live is the largest private-sector tourism development in the Toronto region. The project, which will employ 10,000 people, is estimated to be worth over $750 million and will occupy 120 acres of land in northwest Toronto located near Pearson International Airport. An ambitious entertainment and tourism area, Woodbine Live will include: offices, residences, shops, restaurants, a 16-cinema complex, a 6,000 seat concert hall, a 4 star hotel, a 100,000 ft2 conference centre, clubs, pubs, canals, and a skating rink.
In the centre of downtown, and nestled in Toronto's famous ravine system, Evergreen is restoring Toronto's derelict Don Valley Brick Works to its proper place at the centre of the city's future. By revitalizing and reusing historic buildings as well as building the LEED Platinum Centre for Green Cities, and offering programming focused on education, heritage and ecological sustainability, Evergreen Brick Works is a growing environmental community centre in the heart of the Toronto.
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Real Estate / National Office Market Report Toronto Spring/Summer 2011
Spotlight on the Greater Toronto Area
• Tenant interest in new downtown towers may lead to further office development
• Alternative workplace strategies gaining popularity
• Best opportunities in downtown core and building-specific
• Suburban markets beginning to rebound from recession
Business Toronto, Real Estate
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