Tight office space in downtown cores sends companies to the fringe

The operative word Hines Interests Ltd. Partnership is using to describe its new office project in Toronto’s Junction Triangle neighbourhood is “authentic,” but observers say it’s also a good example of a rapidly proliferating trend in commercial real estate – a move toward what is becoming known as the “fringe.”

The Junction and its environs – which includes the Junction Triangle – certainly fits that description. In its early history, the area thrived thanks to its numerous foundries, mills, meat packers and other industrial operations. But as manufacturing dried up in the 20th century, it went into decline.

Aside from the character of the neighbourhood, Mr. Apps says the Junction lives up to its name through a wealth of public-transit options. Two subway stops, three streetcar routes, a GO Transit station and the UP Express train to the airport and Union Station downtown are nearby, as is the West Toronto Railpath bicycle trail.

“Anything that is going to be located on or near transit is not going to be a trend, it’s going to be a sustainable long-term solution for landlords, occupiers and everyone in between,” says Daniel Holmes, senior managing director of the Toronto region office practice group for Colliers International.

Montreal, for example, has seen similar developments in neighbourhoods such as Mile End and, more recently, in nearby Mile Ex. In the south part of the city, Pointe-Saint-Charles has also been seeing gentrification in recent years, especially since Allied Properties REIT in 2016 acquired Le Nordelec, an older building that was turned into condos, retail space and offices.

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Calgary reducing numbers in homeless shelters; relocating some to hotels to limit coronavirus effectThe city said it is shrinking the total number of shelter spaces by 400 Well done
Source: globeandmail - 🏆 5. / 92 Read more »

Cuban doctors head to Italy to battle coronavirusCuba sends sixth medical brigade abroad, continuing tradition since 1959 revolution 😎 👍 hangaflag support our front line workers and hang a flag today post it share it show them you care Well done Cuba. Definitely not the first time they've stepped in to help people in times of great need.
Source: globeandmail - 🏆 5. / 92 Read more »

Canadian Cannabis Firms Ask For Help After Thousands Of Jobs LostCompanies are asking for access to the financial support being offered to small businesses. Ford? Want to explain?
Source: HuffPostCanada - 🏆 61. / 53 Read more »

Air Transat Slashes 70% Of Workforce As Airlines Take A Hit With COVID-19The company laid off 3,600 workers, including all flight crew personnel. Hey airtransat I want to know why travellers are expected to understand and accept your cancellations (and everyone does)but YOUR not expected to understand that people whose vacations weren't taken should EXPECT a full REFUND in these unprecedented times!!!!! People are LOSING their jobs, they have responsibilities!! That money could be the difference between food on the table and life necessities. Instead your going to pad your portfolios and demand a govt bailout!!! Response required!!!! dotherightthing
Source: HuffPostCanada - 🏆 61. / 53 Read more »

Chris Hadfield — And Other Astronauts — Share Their Best Self-Isolation TipsAstronauts spend months alone combining work and home environments in space. Here's what they suggest. Right, but that’s completely non-analogous to what we are dealing with. Ask yourself do you continue to go in for all the clicks and keep ppl afraid, or report the data and define what success in this situation means?
Source: HuffPostCanada - 🏆 61. / 53 Read more »

Endeavour to acquire gold miner Semafo in $1-billion dealEndeavour shareholders will own about 70 per cent of the combined company
Source: globeandmail - 🏆 5. / 92 Read more »