Toronto CIBC SQUARE | 241.39m | 50s | Hines | WilkinsonEyre

  • Thread starter Suicidal Gingerbread Man
  • Start date
They can't find a tenant.

Looks like the tech firms are carrying the market right now - and those guys will not sign up to be in a major 'bank' tower.

So, many more office midrises to be built, but the big boys will have to wait until one of our banks needs +300k sqf.
 
innsertnamehere said:
I thought Ivanhoe was building this on Spec? Have they changed their minds?
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They got burned before building on spec so I have my doubts. I imagine the bus garage will still go ahead but, the prospects of finding a lead and continuing on with the tower have diminished over the past year.
 
Filip said:
They can't find a tenant.

Looks like the tech firms are carrying the market right now - and those guys will not sign up to be in a major 'bank' tower.

So, many more office midrises to be built, but the big boys will have to wait until one of our banks needs +300k sqf.
Click to expand...

Many of the Tech companies are foreign based that do a lot of programming/manufacturing in Canada. They will setup shop anywhere. I wouldn't count on them occupying new builds. Montreal has become a hub for this very reason. MASSIVE manufacturing/office buildings offering cheap space.
 
^Then explain the new build Shopify announcement yesterday. Warehouse conversions are full - new space means new build now, thus the multiple office buildings that have gone up along the Two Kings in the last few years.

Agreed that this is a building aimed at finance tenants though, tech tenants aren't going to get it built. They need a financial sector firm to occupy it.
 
My understanding of the situation is that Ivanhoe thought by announcing that they were building on spec that a tenant would come forward knowing that it was going forward (believe they were targeting TD at the time) but given that this anchor tenant did not come forward, that yes they have changed their mind and will wait to be pre-leased before they break ground.
 
maxcity said:
My understanding of the situation is that Ivanhoe thought by announcing that they were building on spec that a tenant would come forward knowing that it was going forward (believe they were targeting TD at the time) but given that this anchor tenant did not come forward, that yes they have changed their mind and will wait to be pre-leased before they break ground.
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Tenants are also not stupid. While they'll perk up their ears at the sound of a major tower going on spec, they won't pull any triggers unless there's digging.

Lip service goes both ways :)
 
Does anyone know what happened with TDs leasing (they needed space in the short term and long term) I think in the short term they took over RBCs former front street site but not sure about the long term ?
 
innsertnamehere said:
^Then explain the new build Shopify announcement yesterday. Warehouse conversions are full - new space means new build now, thus the multiple office buildings that have gone up along the Two Kings in the last few years.

Agreed that this is a building aimed at finance tenants though, tech tenants aren't going to get it built. They need a financial sector firm to occupy it.
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I knew that would come up. So typical on the forums. Everything is so absolute. It's always either/or. No thanks. I'm not going to play that game. Believe what you wish.
 
innsertnamehere said:
^Then explain the new build Shopify announcement yesterday. Warehouse conversions are full - new space means new build now, thus the multiple office buildings that have gone up along the Two Kings in the last few years.

Agreed that this is a building aimed at finance tenants though, tech tenants aren't going to get it built. They need a financial sector firm to occupy it.
Click to expand...

I don't know if that's totally true. Scrappy startups certainly aren't looking for this kind of 'corporate' space, but the really huge US tech firms if anything are migrating their Canadian HQs into exactly this kind of building. Apple and Amazon are both in 120 Bremner, having moved from Markham and Mississauga (I think). Cisco is in WaterPark Place (the new RBC-anchored building). LinkedIn is in 250 Yonge. And so on. These are huge, growing companies with money to burn and so I don't think it's impossible to see more of their like moving into 'financial' towers.
 
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