A Look Back at the 2015 GTA Suburban Corporate Real Estate Market
Now that we are a few weeks into 2016, we’ve taken some time to look back and reflect on what the 2015 GTA Suburban real estate market looked like for all three of us. We had the pleasure of representing over 50 tenants, assisting with lease renewals, relocations, exit strategies, portfolio alignment, project management and workplace innovation.
Some of the tenants we represented
Carter’s OshKosh Canada
Carter’s and OshKosh are two of the most recognizable brands of baby and children’s clothes, internationally. With 120 stores in Canada, Carter’s OshKosh Canada’s headquarters will relocate from Cambridge to Mississauga in 2016, a move driven for a need for better quality office space and access to the best talent available within the GTA.
Carter’s OshKosh Canada required a quick move to secure the space they were looking for. They had an aggressive schedule, targeting a June 2016 occupancy date in new premises, representing a total program timeline from search to occupancy of less than nine months. We worked with HOOPP Realty to help them secure 27,500 square feet of space at One Prologis Boulevard in the Mississauga Gateway Centre.
Egencia is the business travel brand of Expedia, Inc., an American-based parent company that is a household name in global online travel brands. Egencia is a leading full-service travel management company servicing more than 10,000 clients worldwide.
Egencia required a quality space for expansion and worked with the GTA Suburban team to secure approximately 10,000 square feet around the corner from their existing Meadowvale office. Crown Realty Properties was keen to have Expedia Inc. on their roster and negotiated aggressively to earn their tenancy.
Pfizer Canada Inc.
Pfizer Canada Inc. is the Canadian operation of Pfizer Inc., one of the world’s leading biopharmaceutical companies. The Canadian headquarters of the consumer healthcare division, formerly Wyeth Pharmaceuticals, is found in the GTA suburbs.
Pfizer was looking for a high quality and efficient relocation, ultimately reducing their footprint from 40,000 square feet to just under 30,000 square feet. This solution not only provides cost savings, but also provides more amenities and a better work environment for employees. The Orlando Corporation had significant vacancy and were identified as an ideal relocation. Pfizer now has large corporate neighbours like CIBC and AGF as a member of Orlando’s new tenant roster.
Ryan is a global tax services firms, with the largest indirect and property tax practices in North America. With offices worldwide and their corporate headquarters in Texas, Ryan has chosen Mississauga as their Canadian head office. Ryan required a 33% expansion of their current premises to accommodate multiple business acquisitions with an opportunity to secure prominent roof-top signage facing Highway 401. The GTA Suburban team worked with Ryan to find a solution that required the relocation of the landlord’s own office to accommodate Ryan’s growth.
Yardi Systems is a global software corporation dedicated to the design, development and support of real estate management and property management software. Established in 1984, Yardi employs over 4,000 people in offices located throughout North America, including their GTA office that supports global business opportunities.
Yardi came to the GTA Suburban team needing a 35% expansion of their premises to accommodate business growth. They required a creative solution, having their landlord relocate an adjacent tenant to create space for Yardi. They are now the largest tenant in the building with future expansion and signage rights.
Additional tenants represented by Teague, Trenholm & Goveas
Apple One Employment
Labatt Brewing Company
Reynolds and Reynolds
YMCA of Greater Toronto
Zim Integrated Shipping Services