Ontario Real Estate Source
By Brian Madigan LL.B.
Employers appear to be moving out of the downtown core. It seems unusual but small companies are moving into the downtown core and large companies are moving out.
Many properties originally zoned for "office space" have be rezoned for a combination of "commercial and residential".
Two good examples would beWhile
on Bay Street and the Shangli-La Hotel on University Avenue Trump Tower
The banks are relocating to the "905", being the suburbs around
A primary example would be the Royal Bank which has relocated about 8,000 jobs to its new location on Financial Drive in
While head offices remain in the downtown core, major departments have fled to the suburbs. If this trend continues, then inevitably there will be a shortage of prime office space downtown. In 1980, 63% of office space was downtown
The prospects do not appear to be high in terms of a current reversal in this trend, so wee see the conversion to residential condominium development. And, pretty soon, the prime properties could be all gone.
So, here's an opportunity: buy out the entire condo, rent it out, then when the office market turns convert it to office space.
Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, you may contact him through Royal LePage Innovators Realty, Brokerage 905-796-8888