Unlike the condominiums that continue to dominate Toronto's new glass and steel skyline, the process of developing a major office tower is typically contingent on signing a particular tenant. While a proportion of units sold—typically around 80%—is required to secure financing and launch construction of a condo, the viability of a high-rise commercial office development is strongly predicated on landing an anchor tenant. This means that fully approved projects regularly take years to launch, with developers waiting to secure a partnership with a tenant who will take substantial space in the building before beginning construction. That's the typical scenario at least, and it's one that's playing out across office sites throughout the Downtown core. It's not the case at
16 York Street, however, where a major office tower is beginning construction on speculation.