Toronto is home to some of the world’s most innovative technology companies and now arguably the most famous name in tech has announced a major real estate investment in the city.
Microsoft will base its Canadian operations in a new state-of-the-art headquarters in 132,000 square feet over four floors of 81 Bay Street, CIBC Square, with a move-in date of September 2020.
The inclusion of Microsoft to downtown Toronto will only serve to reinforce the city’s reputation as a technology hotspot, good news for commercial real estate.
The GTA’s residential real estate market is also likely to feel some impact as staff from the existing Mississauga headquarters seek a shorter commute and more jobs are created in the downtown centre.
Welcomed with open arms
"This announcement by Microsoft offers yet more evidence of the strength of Toronto as a global technology centre, and as a desirable home for major corporations. By choosing South Core as its new home, Microsoft is embracing one of the hottest new areas of downtown and Toronto welcomes them with open arms," said Toronto Mayor John Tory.
Along with its Canadian headquarters relocation, Microsoft is also planning the relocation and expansion of its research and development lab in Montreal, relocation of its Vancouver sales office, and renovation and redesign of its Ottawa, Calgary and Montreal sales offices.
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