According to a U.S. consulting firm that did a study to find what cities have the highest office space rates, they that the Toronto and GTA (Greater Toronto Area) is fast becoming Canada’s most expensive place to operate corporate headquarters. Like most major Canadian cities, Toronto faces a shortage in Class A commercial office space. The vacancy rate in downtown Toronto is only 4.5% compared to 8% national average. This should change as there is a good deal of new office towers under construction.
Many years ago, large North American companies had their Canadian corporate headquarters in Montreal office space, but moved them to Toronto. Now, Toronto office space for lease is getting out of reach in terms of cost and availability for new firms looking for corporate headquarters. Large companies are not looking to move their headquarters away from Toronto, but some other cities and communities are still looking for ways to woo them away or at least attract the corporations that are considering Toronto as a location for their corporate headquarters.
While Toronto is also very affordable by global standards, Toronto office space is still quite high-priced by North American standards. Yet, large multinationals that would have to choose between New York, Toyko, London or Toronto, would find that Toronto office space is the best deal for them. With a high Canadian dollar, and incentives being offered by cities south of the border, some companies (even Canadian companies) are starting to look into cashing in on these incentives. Some of the attempts have worked and have successfully attracted Direct Energy and Hot Brands to move their headquarters to the USA.
One benefit of having a downtown Toronto office space is that with the increasing number of condo developments in the city core, companies are finding that a lot of their workforce is looking to live and work downtown. Many downtown dwellers are also choosing to give up their cars and SUV’s in favor of bicycles, public transit and the occasional car rental. This has increased the membership in care services like Zip cars and Auto Share. The newest car service to come to Toronto is Car2Go – you may have seen them parading their fleet of Smart Cars around the city this summer.
Another trend for large businesses that want a presence in Toronto (while only having minimal office space and less overhead) is to open an office in a Toronto office business centre like those offered at Telsec Business Centres Inc. and other Alliance Business Centres around the world. The company can maintain a downtown Toronto office space for rent at a business center for a few employees for a fraction of what it would cost them to have a traditional office space. They simply have office space Toronto for executives and sales staff who deal face-to-face with clients and customers in Toronto, while all the administrative functions and administrative staff remain at the head office.
1. Jennifer Smith
General Manager
The Omni King Edward Hotel
37 King Street East
Toronto, ON
M5C 1E9
Tel: 416-863-9700
Website: www.omnihotels.com/hotels/toronto-king-edward
2. Mark Perry
General Manager
Executive Hotels and Resorts (Boutique)
8 Colborne Street
Toronto, ON
M5E 1E1
Tel: 416-350-2419
Website: www.spazen.ca or www.cosmotoronto.com
3. Emeline Boul
General Manager
Hotel Victoria (Boutique)
56 Yonge Street
Toronto, ON
M5E 1G5
Tel: 416-363-1666
Mobile: 647-574-5832
Website: www.hotelvictoriatoronto.com
4. Omkar Sawant
Reservations Manager
One King West Hotel
1 King Street West
Toronto, ON
M5H 1A1
Main: 416-548-8100
Reservations: 1-866-470-5464
Website: www.onekingwest.com
5. Van Nguyen
General Manager
Cambridge Suites Toronto
15 Richmond Street East
Toronto, ON
M5C 1N2
Direct: 416-601-3757
Hotel: 416-368-1990
Website: www.cambridgesuitestoronto.com
1. Michael Pagliaro
Carisma (Italian)
15 Toronto Street
Toronto, ON
M5C 2E3
Tel: 416-864-7373
Website: www.carismarestaurant.com
2. Patti Shaw
Terroni (Italian)
57 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-203-3093
Website: www.terroni.com
3. Declan
Restaurant 20 Victoria – Michelin guide approved
20 Victoria Street
Toronto, ON
M5C 2A1
Tel: 416-804-6066
Instagram for reservations: https://www.instagram.com/twentyvictoria/
4. Mana
Nami (Japanese)
55 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-362-7373
Website: www.namirestaurant.ca
5. Restaurant Lucie
100 Yonge Street
Toronto, ON
M5C 2W1
Tel: 416-788-9054
Website: www.restaurantlucie.com
6. Niam H
Cantina Mercatto
20 Wellington Street East
Toronto, ON
M5E 1C5
Tel: 416-304-0781
Website: www.cantinamercatto.ca
7. Siva Sathasivam
Uncle Tony’s
38 Wellington St E
Toronto, ON
M5E 1C7
Tel: 416-455-6650
Website: https://uncletonys.ca/
8. Pizzaiolo
104 Yonge Street
Toronto, ON
M5C 2Y6
Tel: 416-860-0700
Website: www.pizzaiolo.ca
9. Robin Singh
Woods Restaurant and Bar
45 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-214-9918
Website: www.woodsrestaurant.ca
1. Thom Tullo
Morpheus8 by Inmode
47 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-863-6564
Website: www.amanspa.ca
2. Altitude Athletic Training
56 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-366-3838
Website: www.altitudeathletictraining.com
3. Physioheath Studios
33 Victoria Street, #130
Toronto, ON
M5C 2A1
Tel: 416-368-2525
Website: www.physiohealth.com
We are by far the most experienced and best coworking team in the market – established in 1980
18 King Street East, Suite 1400
Toronto, Ontario M5C 1C4 Canada
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You are welcome to drop-in any-time, a quick call would be appreciated to ensure our availability Vanessa 416-574-1112 or Josie 416-606-4349 or e-mail josie@telsec.net.