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Jeff Howell[/caption]
According to Jeff Howell, Partner of Nidea Corporate Real Estate, the Toronto affiliate of ITRA Global, new development in Downtown Toronto is expanding at a blistering pace. With the Toronto city council approving another 755 storeys of new development last week (including three new office buildings), it appears construction cranes will be dominating the Toronto skyline for the foreseeable future in a city that seems to have an unquenchable thirst for new development.
As the Toronto city council met for the final time prior to the fall mayoral election, developers rushed to seek approvals before a lengthy break. The results were outstanding, some 377,900 square metres (4,680,000 sq. ft.) of non-residential development, including three office developments on Front and King Streets totalling 114 storeys, and five other mixed-use properties.
“The growth is estimated to be $21 billion in development, which is amazing,” stated Mr. Howell. “Approval is different from a firm commitment to move ahead, but it is the first step. Many people are calling this the Manhattanization of the downtown core. It is a big reason why our mayoral race is really about who has the best transit plan and how to invest in the needed infrastructure. To ensure the livability of the city over the long run, the city can no longer afford to put off plans for a new subway line.”
Mr. Howell notes, “the seven office buildings currently under construction in Toronto’s downtown, represents about 6 per cent of the total market, which is in the same competitive arena as Calgary.”
It is unexpected that this building cycle is occurring as firms put more bodies into less space per square foot, resulting in a higher density of workers in the downtown core.
Nidea Corporate Real Estate / ITRA Global provides innovative real estate solutions exclusively to corporate space users. Nidea does not represent landlords, developers or building owners. It is this unbiased approach that allows them to maintain a clear focus on the development of operating strategies that are formulated and delivered on behalf of their clients.
ITRA Global is an organization of real estate professionals specializing in representing tenants and buyers in the leasing, acquisition and disposition of office, industrial and retail facilities. With coverage in major markets around the world, ITRA Global is one of the largest organizations dedicated to representing tenants and occupiers of commercial real estate. Clients benefit by having an experienced professional as their trusted advisor, providing conflict-free representation with total objectivity.
For more information about the Toronto office market, contact Jeff Howell at 416-941-9900 x 239 or email him at jhowell@nideacorp.com. To learn more about conflict-free representation and of the cities in which ITRA Global is located, please visit www.old.itraglobal.com.
