5 Of Toronto’s Top Q4 Suburban Office Lease Deals
Toronto’s North and East office markets recorded healthy year-over-year occupancy gains last quarter, according to new figures from Avison Young. Here are five of the city’s biggest recent suburban lease deals.
1. 101 McNabb St E (Markham)
Tenant: GM Canada
Lease size: 109k SF
Worth noting: GM is opening a new R&D facility, joining Honda Canada as well as some 1,100 tech and life science firms that have located in Markham. In all, Toronto East has 23 buildings with 50k SF-plus blocks available.
2. 150 Commerce Valley Drive W (Thornhill)
Tenant: CGI Group
Lease size: 102k SF
Worth noting: The software company’s deal at the LaSalle Investment Management-owned building, South Creek Corporate Centre, drove a year-over-year occupancy increase of 290k SF in Toronto East.
3. 100 New Park Place (Vaughan)
Tenant: GFL Environmental
Lease size: 65k SF
Worth noting: The waste management company inked an 11-year deal, including two five-year extensions, at the recently opened KPMG Tower, the first building at SmartREIT’s 100-acre SmartCentres Place development.
4. 5000 Yonge St (North York)
Tenant: Warner Brothers Entertainment
Lease size: 31k SF
Worth noting: The lease helped increase occupancy in the Toronto North node by 164k SF in Q4, with deals at Class-A product like this LEED Gold tower representing most of the gains, according to Avison Young.
5. 5140 Yonge St (North York)
Tenant: RBC Dominion Securities
Lease size: 36k SF
Worth noting: While RBC is taking a fair-sized chunk at North York Centre, AY noted availability (11.3%) and vacancy (8.5%) are on the rise in the North Yonge corridor due to corporate downsizing and relocations.