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6 Canadian Developments to Watch For in 2024
January 10, 2024 3 Minute Read
Commercial real estate is re-shaping cities across Canada as developers take projects from blueprint to reality and change how we live, work and play. Here are six developments to watch for this year.
Office: TD Terrace (Toronto)
160 Front Street West - Photo: TD Stories
While some developers have shied away from the office market, Cadillac Fairview has leaned into the future of office work with TD Terrace at 160 Front Street West in Toronto. This project will bring 1.2 million sq. ft. of LEED and WELL-certified office space to the downtown core this year. TD Terrace will feature an indoor green space near the top of the building, the plant-filled Study & Sky Garden, a place for quiet work and deep learning with expansive views. TD Terrace is over 95% pre-leased by TD Bank and Ontario Teacher’s Pension Plan, so tenants looking to secure a spot in this standout tower should move quickly.
Retail: The Mills (Halifax)
The Mills is a mixed-use development located in Atlantic Canada’s busiest street-front urban shopping district, Spring Garden Road. This street has the highest pedestrian volumes east of Montreal and provides new residents of Atlantic Canada with a first-rate shopping experience they might be familiar with from other Canadian cities. CBRE Halifax’s Mathew Houston is helping lease The Mills’ 25,000 sq. ft. of ground-floor retail, which will be topped by luxury apartments. The property will feature open public spaces, including an interior pedestrian promenade, and is set to welcome shoppers in mid-2024.
Data Centres: 55 Hereford St. (Brampton, ON)
Brampton is supercharging the future of digital infrastructure. Recently acquired by Grain Management in partnership with StratCap, 55 Hereford Street is a 127,000 sq. ft. Tier III data centre – meaning it has redundant systems and several paths for power and cooling, which is incredibly important for businesses with massive amounts of data. It is one of Canada's largest carrier hotel and interconnection centres. While the property currently provides 2.7 MW of critical power, improvements to the existing data centre will generate an additional 4 MW by summer 2024. An expansion projected for Q4 2025 will bring the property’s capacity to approximately 21 MW of power for server capacity, with 18 MW available for lease and a total capacity of 27 MW. This, says CBRE’s Scott Harper, will make the property appealing to a broad range of hyperscale and wholesale colocation tenants. “It’s the first project of its kind in Ontario,” says Harper. “Grain Management is a new entry into Canada and this is a new property type for them globally. It’s a big opportunity.”
Multifamily: Century (Vancouver)
As the housing crisis continues to be a top concern for most Canadians, Cressy Development Group is working to provide much-needed relief. CBRE Vancouver’s Lance Coulson tells us Cressy’s latest project, Century, will add 283 new rental units to North Vancouver’s Central Lonsdale area. The development includes three towers connected by a central bridge and will feature studio, 1-, 2- and 3-bedroom residences, along with 16,000 sq. ft. of amenity space. It is located alongside a half-acre public park and is expected to deliver later this year. Some stylish relief for those looking for a home to rent.
Industrial: Anthony Henday Business Park (Edmonton)
With supply chain issues and cost effectiveness still top of mind, this industrial development should help businesses and shoppers alike. Quadreal’s 46-acre industrial park in St. Albert, northwest of Edmonton, is home to anchor tenant ULINE Shipping Supplies. The developer’s latest undertaking at Anthony Henday Business Park consists of two buildings, which CBRE Edmonton’s Kevin Hughes and his team are helping to lease. Building 2A is a single load 169,508 sq. ft. distribution warehouse that was delivered in the fall of 2023. Building 2B, a 253,973 sq. ft. distribution warehouse, will become the first dual load offering in the Northwest Edmonton area. It is expected to deliver in the second quarter of 2024.
Life Sciences: Biotech City (Laval, QC)
Quebec-based HarveyCorp recently purchased four 50,000 sq. ft. office buildings in Laval’s Biotech City and plans to expand and convert these properties into move-in-ready lab spaces. The project is expected to be partially completed by the end of 2024. It will help meet the growing demand for research and development space, particularly the small labs and offices needed by up-and-coming life sciences firms. “It’s an ambitious project,” says CBRE’s Jeremy Kenemy. “This strategic acquisition demonstrates HarveyCorp’s commitment to the Quebec life sciences ecosystem and will help meet the needs of lab space occupiers.”
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