Big ticket waterfront project to boost Toronto real estate market

A new development on the waterfront at Toronto should certainly give the city’s real estate and infrastructure development sectors much-needed boosts as per reports. The anchor tenant for this landmark waterfront development called the Waterfront Innovation Centre will be the global advertising & marketing behemoth, WPP Plc. This is a positive development for the city’s commercial and business sector. The firm which has its headquarters in London, will be leasing approximately 260, 000 sq. ft. or 24, 000 sq. meters at the Waterfront Innovation Centre by Menkes Development Limited. This waterfront project is located in Queens Quay East.

WPP Plc. runs multiple digital brands and is planning to embark on a consolidation drive for its 19 functional companies in Toronto within this new development. Around 2, 000 employees of the company will be accommodated at this new project site and they will start shifting here around the year 2021 according to reports. The portfolio of WPP Plc. in Toronto includes top brands like GroupM, Grey and Ogilvy among others. The new project will enable closer proximity for all the employees of the Group in Toronto in a state-of-the-art workspace with the top infrastructure, amenities and technology as per reports.

Development is steadily shifting from Toronto’s downtown core to the waterfront on the east end due to higher demand from the technology sector which has already created innumerable jobs in Toronto. The MaRS Discovery District, the key innovation hotspot in Toronto, is reportedly seeking more space in the east end waterfront zone as well as per reports. Menkes is collaborating on this landmark new project with Alcion Ventures LP, the noted realty investment management firm and Waterfront Toronto which is the government-sponsored corporation that holds the responsibility for revitalization of lands along the Lake Ontario zone. This government entity is also partnering with Sidewalk Labs LLC owned by Alphabet Inc. for developing a digital hub in the neighbouring zone.

The Waterfront Innovation Center is expected to boost real estate markets hugely in Toronto and will encompass 400, 000 sq. ft. of quality office space with another 30, 000 sq. ft. dedicated to premium retail space adjoining the Sugar Beach. The project is already in the pre-leasing stages for the spaces that remain and construction should begin soon according to reports. The real estate market in Toronto is already witnessing the development of several premium projects in the residential segment as well. Some of these include YSL Residences, Mirvish & Gehry Toronto and Sixty Colborne Condos to name a few.