Commercial Real Estate Development Showcase: FMC3 at First Meadowvale Centre
Home to close to 1,400 multinational organizations, including 71 Fortune 500 head offices, Mississauga, Ontario is seeing substantial growth when it comes to commercial real estate developments and office leasing.
Meadowvale in particular, located in northwest Mississauga, traditionally lead the market and outperformed most submarket nodes in the Toronto West in the last decade. It was a home for big corporations and single tenant head offices with a vacancy rate that hovered around 3-5% for years. The demand was booming with both new speculative office developments and tenants moving from outside the node to set up a corporate head office presence and take advantage of a sprawling land availability between Hwy 401 and Hwy 407. The demand was attributed to close proximity between Hwy 401 and Hwy 407 for both office locations which provides easy access to Pearson International Airport and warehouse distribution to major interchanges. We coined the term, “What happens in Meadowvale, stays in Meadowvale,” as it was a foreign thing for a major tenant to leave this node. Only 2 major tenants have left Meadowvale in the last decade, Baxter and Point Click Care, and Baxter relocated back and kickstarted a major development.
That said, we have seen a bit of a softening to this particular node with the aftermath of the recession and large tenants focusing on heavy amenity driven locations given the traffic gridlock and price sensitivity for new buildings. Vacancy sits close to 13% currently with a handful of large blocks static on the market. Given the new and redevelopment product coming to market and strong fundamentals of this node, it only takes a couple large opportunistic users to change the landscape and prove that Meadowvale to be a hotbed for commercial real estate development activity.
FMC3 at First Meadowvale Centre Corporate Campus – ON THE GO!
FMC3 is the latest development by First Gulf, located in the larger First Meadowvale Centre Corporate Campus at 2476 Argentia Road in Mississauga. Envisioned and developed as a premier office campus that provides tenants with easy access to public transit and local retail amenities, each new development has been built with new features, providing additional value and efficiency. Both FMC1 and FMC2 have attracted major national tenants, and expectations are high for key office tenant demand to continue with the completion and availability of FMC3.
About the Space
This 100,000 sf space is highly-efficient with LEED® Gold Certification. Building amenities include 4 parking spaces per 1,000 sf and planned food service on site. The corporate campus has excellent proximity to Toronto Airport and the Toronto and Mississauga downtown cores, and great access to three 400 series highways (401, 403 and 407).
The direct walkway linking to the Meadowvale GO Transit and Bus station encourages sustainable transit methods, as do additional building features such as a lobby monitor with up-to-date train schedules, full showers and changes room, securable bike parking and thirteen car plug-in stations.