Toronto is quickly becoming one of the most sought-after tech markets in North America, with approximately 28,900 tech-based jobs added to the city in 2017 –more than industry-leading cities Seattle, New York, Washington, and the Bay Area California combined. In fact, over a third of office space in downtown Toronto was leased to tech companies alone. In 2017, Google invested $5 million into the University of Toronto-based Vector Institute to further fund AI (artificial intelligence) research a program which has already secured over $150 million in funding. KPMG conducted a survey that concluded Toronto continues to outpace the competition in the AI field, with the highest concentration of AI start-ups across the globe.
Toronto is also home to the MaRS Discovery District, an innovation hub that houses hundreds of start-ups in a 1.5 million-square-foot facility, including the first non-U.S. facility for Uber researching autonomous cars and other AI elements. In a recent press conference, Uber’s CEO unveiled plans for a new engineering hub in Toronto scheduled for early 2019, continuing the expansion of Uber’s driverless-car lab and a $200 million investment that will span over five years, which is expected to increase their Toronto team to 500 employees.
The CIBC Square Office Tower project at 81 Bay Street recently landed a major tenant in Microsoft Canada, who are preparing to move their corporate headquarters from Mississauga. Microsoft will occupy 132,000 square-feet of office space spanned across four floors of the 2.9 million square-footage of CIBC Square. Microsoft committed to investing in the Canadian economy and expanding their national presence in a statement which announced plans to hire an additional 500 full-time employees and another 500 entry-level/internship positions by 2022.
The region’s tech industry continues to flourish as prominent tech companies recognize the vast potential that the Toronto-Waterloo innovation corridor has to offer.
Additional Reading:
https://thenextweb.com/contributors/2018/09/28/an-entrepreneurs-guide-to-torontos-tech-scene/
https://info.kpmg.us/content/dam/info/en/techinnovation/pdf/2018/tech-hubs-forging-new-paths.pdf
For this special episode of Boardroom Brief, we invite you to listen in on a timely fireside chat between Greybrook Securities CEO Sasha Cucuz and Doug Porter, Chief Economist at BMO Financial Group. The conversation took place live at Greybrook’s…
Last Thursday, Greybrook hosted its 2025 Perspectives & Insights event, bringing together investors for an evening dedicated to unpacking critical economic trends and their implications for real estate and investment strategies. Doug Porter, Chief Economist at BMO Financial Group, served…
On April 3rd, Toronto’s premier real estate networking event, Leaders Lounge 2025, brought together some of Toronto’s most influential industry leaders for an unforgettable evening of insights, conversation, and collaboration. Hosted by UJA and Toronto Real Estate Leaders, the invitation-only…
Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $22,850,000 to acquire and oversee the development of a prime parcel of land located west of Yonge Street on Berwick Avenue, immediately…
Uncertain market conditions continue to be a consideration for business owners and investors alike, encouraging many to reassess their strategies and prioritize core strengths while identifying opportunities for long-term success. In the latest episode of The Well Off Podcast, Alex…
Uncertainty dominates today’s headlines – from economic volatility to geopolitical tensions – and the real estate market is no exception. Developers and investors alike are navigating rising costs, evolving policies and shifting buyer behaviours in an environment where adaptability is…
At Greybrook, we are proud to recognize and celebrate the extraordinary women who have played an integral role in shaping our organization. This year, in honour of International Women’s Day and Women’s History Month, the women at Greybrook came together…
At Greybrook, we recognize the importance of contributing to the communities where we live and work. Recently, our team had the opportunity to come together to volunteer at The Common Table, a Toronto-based drop-in program that provides meals, essential support…
The prospect of a trade war that could disrupt the North American economy is on hold – for now. U.S. President Donald Trump has agreed to delay imposing 25% tariffs on Canada and Mexico for 30 days, easing immediate concerns…
The Elser Hotel & Residences continues to meet the demand of Miami’s evolving real estate market, with over 95% of its units now sold. Its exceptional amenities, prime location, and attractive hotel rental model remain key drivers, drawing discerning owners…
