Canada Goose Flocks to Toronto Downtown Core for New Office Lease
Canada Goose Flocks to Toronto Downtown Core for New Office Lease
Canada Goose is flocking to a new headquarters on the Toronto waterfront with one of the largest office leases of the quarter.
The retailer known for its parkas that can withstand even the most extreme cold has leased 115,000 square feet over four floors at Menkes Developments’Ā 100 Queens Quay EastĀ site in Toronto.
The lease signals an underlying confidence in the market and in the return to the office, according to a statement from CBRE, which represented the landlord in the deal.
“Many landlords would like to have Canada Goose as part of their project,” said Brendan Sullivan of CBRE in the statement.
Canada Goose will move its office operations to the waterfront from the company’sĀ existing location at its manufacturing facilityĀ near Caledonia Road and Eglinton Avenue. Additional manufacturing space will be created out of the office space at the factory location.
Canada Goose will share rooftop signage at 100 Queens Quay East with the LCBO, the anchor tenant.
The Canada Goose deal brings 100 Queens Quay East to 92% leased, with 50,000 square feet remaining in the 875,000-square-foot building. Waterfront Innovation Centre, across the street, has just under 40,000 square feet of space available for lease, CBRE said.
Avison Young said the first quarter saw the Greater Toronto Area office market continue to recover from the impact of the COVID-19 pandemic.
“A second straight quarter of stable and promising results as occupiers continued to make plans for the future despite another pandemic wave that delayed the return-to-office intentions of many into the second quarter,” said the real estate company in a report issued in May.
Avison Young said the overall downtown vacancy rate for Toronto was 8% in the first quarter, up 2.1 percentage points from the first quarter of 2020.
“Delivery of new supply contributed to the rising vacancy rate, although net absorption was remarkably flat during the quarter, as the market gained only 1,400 square feet in occupancy,” said the real estate company.
Source CoStar.Ā Click here to read a full story
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