- May 19, 2007
- Reaction score
Well, I'm very happy to hear that the downtown Toronto office market is strong and I hope over the next decade most of the 9 million square feet potential actually materializes. I'm hoping that we see a few large office towers that are above 40 stories, not just because of any obsession with 'talls' or 'supertalls' but rather to ensure we're maximizing our usage of key sites for development and to also have office towers that actually 'register' on the skyline.
Initially, I was hoping that we would see four office towers in the 40+ storey range (BA II, 45 Bay St, 880 Bay St, and the Richmond Adelaide III). Now it seems like only three of those will be 40+. Toronto seems most likely to get 30 storey office towers. I wonder if there are possibilities of seeing office towers in currently unutilized or poorly utilized sites that are ripe for development on and near Bay St north of City Hall?
I don't want us to be in a situation where the best sites for tall office towers are taken up by non office towers or moderately sized ones (which, in my eyes, would be Richmond Adelaide III).
In terms of penis contest, I hate saying it but in Canada, it's Calgary that probably has the best downtown office market in terms of the number of buildings that are 40+ floors, the number of buildings that are proposed in the 40+ range, and even the designs of many of them (i.e. not all their office towers are boxes). (I won't post any links as this information can be googled.)
I don't like the idea of Calgary having more tall office towers than Toronto (I know Toronto's core has more office space in sq. ft. than Calgary).
I think you'll see more new office towers go up in Calgary over the next 10 years then Toronto ... height won't be too much different, other then a couple most of there's are in the 40 range as well.
Calgary, on the whole, is a more more centralized office market compared to most in North America. Certain suburban office nodes in the GTA have more office space then many medium size US / Canadian cities ... and this is continuing.
In the past there was a lot of talk about offices leaving the core for the 905 ... though there are new jobs and offices being built in the core now there are still many new office projects going up in the 905 ... I wouldn't say it's a matter of leaving the core anymore, the suburban GTA market is just as large as the city of Toronto ... it's an entity in it self. This isn't slowing down and will not.