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Thread: Article about downtown Toronto condo boom on commercial development

  1. #1

    Article about downtown Toronto condo boom on commercial development

    Toronto’s core losing jobs to condos

    When Iain Dobson sees another condo or condo-hotel springing up on prime downtown land just steps from the subway, he becomes more convinced than ever that Toronto is risking its own future by trading off jobs for people.

    Toronto is reaching a tipping point — a shortage of development-ready land for new office towers at the same time thousands of new financial services jobs are projected for downtown and more companies are looking to return to the city core from the suburbs, says Dobson.

    http://www.moneyville.ca/article/106...to-condos?bn=1

    Let me state that I don't agree with the conclusions from Dobson at all. Interesting take on this issue nevertheless.

  2. #2
    Another article on the effects of Toronto's condo boom. The new condos and influx of residents downtown are spurring demand in new commercial construction, an interesting contrast to the prior claim.

    http://www.metronews.ca/toronto/loca...-space-soaring

    All those new downtown condos that are now home to bright, young workers is helping drive demand for office space away from the suburbs and back into Toronto’s core, a new report says.

    Also fuelling the increasing demand — so strong that the vacancy rate for downtown office space fell to 5.1 per cent in Q3 — is interest in new environmentally sound office towers, redevelopment of the waterfront and frustration with long commutes.

    Toronto isn’t alone, according to commercial real estate brokerage Cushman & Wakefield’s Occupier Insight Report released yesterday.

    Major U.S. cities such as San Francisco, Chicago, New York, Boston and even downtown Los Angeles are also seeing a significant shift from the suburbs, although their office vacancy rates are still more than double that of Toronto’s...

  3. #3
    Cyburbian
    Registered
    Oct 2011
    Location
    Portland, ME
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    33
    I cannot believe this post hasn't generated more discussion. The premise implied by the first sentence in the first post is absurd--that more people downtown as opposed to jobs is fundamentally at odds with what every great urban center has in common (people and street activity). Are cities urban centers, or job centers? If you want a job center, Hartford, CT is an example of what you might get. Cities are for people, and no place, ever, runs out of buildable land. Manhattan, for example, has been built up and torn down many times over as land is disassembled, built upon, reaggregated, built upon even larger, etc. Most cities are like this. And the sky is the limit (see Burj Khalifa, and now Kingdom Tower). Job center = bad. Mixed use urban center with people and 24 hour activity (as well as jobs) = good.

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