Toronto The HUB | 258.46m | 59s | Oxford Properties | Rogers Stirk Harbour

[ericmacm]

Are Canada's banks on the brink of an office leasing spike?

Canada's banks could increase their office leasing by up to 1.5 million square feet in Toronto during 2026, Oxford Properties' Kevin Hardy predicted during the Real Estate Forum in Toronto. That would create additional demand for space among related sectors.

renx.ca

Another potential factor to add into the mix is the proposed DSRB (Defence, Security, and Resilience Bank) that will be owned jointly by NATO and non-NATO defence partners, which is currently looking for a host city. It was originally envisioned to be HQ’d in London, but the UK government has determined they don’t want to back the bank. The German government has also backed out and has voiced its preference for the EU SAFE funding mechanism. The institution is going to be provided support by RBC, JPMorgan, ING, Landesbank, and Commerszbank.

National Post is suggesting that a Canadian city is currently a frontrunner and Toronto, Montreal, or Ottawa are cities that will meet the criteria (close to embassies, recruit top financial talent, and have office space available). These cities are apparently working with the PMO to put their respective plans together. They are envisioning 3,500 staff which will require a significant amount of space. The city will apparently be picked in 2026.

 

[Tormick]

Logo wouldn't look bad in the sky-cube

 

[DarwinP]

This tower should be taller so I hope it’s true and the spike in office space rental leads to a height increase here. We need an office tower super tall. At least 300m

 

[Lenser]

We "need" it?

It wouldn't be a super tall if it were below 300m.. just sayin'.

 

[biospherian]

AI is already replacing consulting and banking jobs so I'm not sure if there will be enough demand by the time this gets built.

 

[Northern Light]

AI is already replacing consulting and banking jobs so I'm not sure if there will be enough demand by the time this gets built.

There is no reason to believe there won't be.

Canada's Banks are all resuming expansion mode, and most will likely have larger global footprints in 5 years time.

 

[Amare]

There is no reason to believe there won't be.

Canada's Banks are all resuming expansion mode, and most will likely have larger global footprints in 5 years time.

Hmm I dont know about that really, they've been busy "restructuring" aka laying off workers lately. Most of their office growth will come from forcing people back into the office, for whatever "productivity BS" reason that they love to give:

TD:

https://www.reuters.com/business/finance/canadas-td-bank-profit-falls-hit-higher-bad-loan-provisions-2025-05-22/

https://www.bloomberg.com/news/articles/2025-06-16/td-bank-uses-automation-to-trade-more-bonds-with-fewer-people

Scotiabank:

Scotiabank is laying off employees across departments

Bank of Nova Scotia has been laying off workers across its departments, but has not revealed how people have lost their jobs. Read on

financialpost.com

https://www.bloomberg.com/news/articles/2025-08-14/scotiabank-lays-off-investment-bankers-in-us-asia-pacific

RBC:

RBC cuts undisclosed number of staff amid 'growth strategy'

RBC says it has laid off some employees as part of its 'growth strategy.'

www.ctvnews.ca

But we do have this interesting play with Questrade who wants to come and play with the Big 6, as an actual full fledged bank:

Questrade secures approval to launch a bank in Canada | RCI

The move comes as other fintech companies also push more into the banking space.

ici.radio-canada.ca

 

[Northern Light]

Hmm I dont know about that really, they've been busy "restructuring" aka laying off workers lately. Most of their office growth will come from forcing people back into the office, for whatever "productivity BS" reason that they love to give:

TD:

https://www.reuters.com/business/finance/canadas-td-bank-profit-falls-hit-higher-bad-loan-provisions-2025-05-22/

https://www.bloomberg.com/news/articles/2025-06-16/td-bank-uses-automation-to-trade-more-bonds-with-fewer-people

Scotiabank:

Scotiabank is laying off employees across departments

Bank of Nova Scotia has been laying off workers across its departments, but has not revealed how people have lost their jobs. Read on

financialpost.com

https://www.bloomberg.com/news/articles/2025-08-14/scotiabank-lays-off-investment-bankers-in-us-asia-pacific

RBC:

RBC cuts undisclosed number of staff amid 'growth strategy'

RBC says it has laid off some employees as part of its 'growth strategy.'

www.ctvnews.ca

But we do have this interesting play with Questrade who wants to come and play with the Big 6, as an actual full fledged bank:

Questrade secures approval to launch a bank in Canada | RCI

The move comes as other fintech companies also push more into the banking space.

ici.radio-canada.ca

Do I have a track record for wild guesses? Am I wrong all that often? When everyone here or nearly everyone said....hybrid work is here to stay.....didn't I say 'No its not"?

I know.



There's always a possibility things will not go as expected/planned; but deals are already afoot.

 

[Civdis]

Most people I deal with in the financial industry want to come to an office. Don't get me wrong, everybody likes flexibility, but the whole work from home craze is coming to an end.