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Tech Firms Taking Up More Office Space in Toronto
Toronto’s office sector is picking up steam as tech firms take up more space downtown, says Avison Young.
Year-to-date leasing activity shows that the tech sector’s share is 15% compared to 10% in 2024, the company told Connect. The tech sector has the second-largest share of the downtown node, with leader financial services occupying 46% of the space and the food-and-beverage industry ranking third with a 7% share.
Avison Young client Lyft secured 90,000 square feet at 100 King Street, while the commercial real estate advisory firm also represented WeWork as the co-working company secured 67,000 sf at 77 King Street West.
The two deals represent two of the city’s largest net-new tech deals thus far this year, said Avison Young. Meanwhile, WeWork has also leased 16,500 sf at 1 University Avenue to support the growth of the company’s tech members.
In another notable deal, Salesforce renewed its 167,000-sf lease at 10 Bay Street.
Other deals involved several more leading tech firms, including:
- Element Fleet (74,000 sf,1 Adelaide Street East)
- Softchoice (62,000 sf, 1 Adelaide Street East)
- Robinhood (60,000 sf, 25 York Street)
- Nvidia (32,000 sf, 530 Front Street)
- CLIO (28,000 sf, 25 York Street)
Avison Young admitted that there could be other completed tech-firm leases that it does not yet know about.
Photo: Courtesy of Avison Young
