Businesses Choosing to locate in Toronto
In the last two years, more and more companies are reconsidering the long suburban commute and looking at the downtown core to move their offices to be within easy reach of their young professional urban employees. The residential boom of downtown condominiums has fuelled an office boom. The "urban renaissance" has the current generation wanting to live, play and work downtown. We are experiencing an urban revival.
After more than a decade of standstill during the 1990s recession, developers are returning to the downtown core. Having a downtown office has many benefits. Starting with the energy and buzz of being downtown, with easy access to public transporation and close to the subway for both employees and clients, it also offers the prestige of a downtown presence.
Because of the flight of businesses to the suburbs over the past three decades, 905 municipalities now have 66-million square feet of office space. Around 325,000 people work in car-dependent suburban offices, contributing to congestion on our GTA highways. People are tired of the long commute.
The downtown core still has only about 20 per cent of the office capacity in greater Toronto. Demand for downtown Office space keeps growing.