GTA Suburban Market Snapshot: Mississauga
As the most populous region in Canada, the GTA can be overwhelming when examined as a whole. The surrounding suburbs, comprised of four regional municipalities encompassing 24 communities, represent a wide range of unique opportunities in corporate real estate. Over the next few weeks, we will be examining the GTA suburban landscape with market snapshots of significant areas within the GTA.
Today, we will be examining the City of Mississauga*, found in the Regional Municipality of Peel. Situated on the shores of Lake Ontario in Southern Ontario, Mississauga was initially developed as a suburb of Toronto but has grown to a population of 741,00 — making it Canada’s sixth most populous municipality.
Mississauga has the strategic advantage of being located within a day’s drive to some of North America’s richest markets, gaining access to 141 million consumers. Just a twenty-minute drive to the Toronto core and 90 minutes from the U.S. border, the city also hosts a robust transportation network, including:
Canada’s largest airport: Pearson International, serving over 180 destinations and 33 million passengers per year. An extensive network of 7 major highways and 3 principle railways Direct access to all lake ports and the Atlantic Ocean via the St. Lawrence Seaway Public transit serving 50 million riders annually, commuter rail and a planned rapid transit system
Mississauga’s large population contributes to 20% of the Canadian labour force, and the population is expected to grow by another 100,000 in the coming years. As home to University of Toronto Mississauga and Sheridan College, and with 10 universities and 11 colleges within commuting distance, it isn’t surprising that Mississauga is above average in education and skills with 2/3 of Mississauga adults possessing a post-secondary education.
Mississauga is home to over 62,000 businesses including many Fortune 500 company headquarters and industry leaders, including:
Life sciences Advanced Manufacturing (Aerospace, automotive, and food and beverage) Information & Communications Technologies (ICT) Financial Services
With nearly 1,400 multinational organizations already invested in Mississauga, including 71 Fortune 500 and 48 Fortune Global 500 head offices, the city is still seeing substantial growth year over year.
With over 160 million square feet of existing industrial buildings and over 30 million square feet of office space, Mississauga has more than 15,452 acres of employment lands, of which 1,995 acres are still available for development.
Some corporate real estate developments to watch in the coming months include:
First Meadowvale Centre 3 – 2476 Argentia Road
100,000 SF new A-class, LEED Gold development by First Gulf Corporate and Sun Life Financial.
Building completion in Q1 2016.
Meadowvale Gateway Centre – 2727 and 2777 Meadowpine Boulevard
Phase 1 of this two-phase development now under construction for delivery of 125,000 SF in Q3 2016.
2455 Meadowpine Boulevard
The redevelopment of the former Roche headquarters into an efficient two-storey 115,000 SF office building with ample parking.
HOOPP to build a 225,000 SF, two-tower complex for Royal Sun Alliance on Hurontario just north of Hwy 401. Located across from amenities and great access to Highways 401, 410, and 407.
Airport Corporate Centre
Spectrum Square development by HOOPP. Watch for future phases of development to be announced in this 1.3 MM SF retail and office project near the Airport with immediate access to Mississauga Bus-Rapid Transit (BRT) line along Eglinton.
Population: 741,000 residents
Workforce: 4.3M within GTA
Land Availability: 2,432 acres of vacant, developable land
Business & Employment: 55,000 businesses employing 413,325 people (91% full-time, 9% part-time)
Consumer connection: 141 million within a day’s drive
*Statistics and information compiled from The City of Mississauga.