TORONTO, January 31, 2019 – Cushman & Wakefield released today its first international Cool Streets video report, featuring Toronto, Canada. The city’s thriving tech sector, highly educated workforce, multiculturalism, wealth of sporting, music and foodie options as well as recent legalization of cannabis are making Toronto one of the coolest cities to migrate to for businesses and professionals alike.
Cool Streets Toronto chronicles one of the fastest growing cities in North America, with over two million people having relocated into the Greater Toronto Area over the past 30 years. Currently, the tech sector accounts for more than one-third, or 36.5% of downtown Toronto’s office growth, overshadowing the growth from traditional drivers such as banks and information services to second and third position at 10.4% and 10% respectively. This immense growth has contributed to the influx of condominium developments and gentrification of older neighbourhoods into cool, edgy, live-work- play districts.
“Toronto’s well-educated workforce and lower occupancy costs are a real draw for tech companies in comparison U.S. tech-hubs like Seattle and San Francisco,” said Garrick Brown, Vice President, Retail Intelligence, Cushman & Wakefield. “Downtown Toronto’s desirability isn’t exclusive to businesses; the city has seen a massive migration of young professionals into the downtown core. Despite the cost of living, condo developers can’t keep up with demand, as millennials and professionals want to live within walking distance to work, shops and food options.”
The city’s retail scene is a combination of boutique shops to more mainstream retailers with an insatiable appetite for unique local restaurants, bars, and breweries.
“Toronto’s strong economy, diverse and educated workforce has launched the city to be recognized as a global centre that attracts multi-national corporations of all kinds,” says Allison Marsales, Managing Director, Office Leasing, Greater Toronto Area. “It’s an exciting time to live and work in Toronto and be part of this incredible growth story that continues to fuel development across all real estate sectors and has brought new and interesting retail and food concepts to the city that there is something to satisfy everyone’s unique tastes.”
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