Bremner Tower and Delta Hotel in Southcore.
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There was a time when no one wanted to set up their offices “south of the tracks” in Toronto.The Gardiner Expressway and the railway lines essentially cut off the land below Front Street, making it undesirable for major corporations looking for a home base. But with downtown office vacancy tight, more tenants are looking to plant their flag in the “south core.”
As the condo boom amps up infrastructure in the area and tenants seek spaces with lower taxes and leading-edge amenities, the south core has turned into a hotbed of office development all the way to the Lake Ontario waterfront.
“That traditional stigma is gone,” said John Arnoldi, executive managing director at Colliers International, Toronto region. “Not a lot of people would have predicted you’d get major accounting firms [like PricewaterhouseCoopers] south of the financial core, and people like Telus that have brought a significant number of employees from the suburbs to be in that area.
“Look at [Royal Bank of Canada] kicking off the new RBC WaterPark tower. That’s another example of a major financial institution that’s gone south of the tracks. So I think it’s wide open.”
Since 2006, Toronto has been in the midst of an office building boom and much of it is happening in the south core, said Julian Brandon, a commercial real estate consultant with DTZ Barnicke Ltd.
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| Bremner Tower and Delta Hotel in Southcore |
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