TORONTO’s Financial District is heading towards the waterfront as a brand new business neighbourhood rises south of Union Station. South Core is expecting an influx of 20,000 new office employees and close to 10,000 new residents in the immediate future. Forecasters predict the area’s population will grow 80% to 130,000 by 2031.
Who’s moving in? So far: head offices for Telus, the Health Care of Ontario Pension Plan, CI Financial Corporation, and Sun Life Financial. The Royal Bank of Canada (the country’s biggest) is moving 4,000 employees to the neighbourhood starting this year; Cisco Systems Inc. recently announced that South Core will be home to its new Canadian headquarters and one of four global innovation hubs.
The Globe and Mail says “there’s a theory percolating in the real estate community that this new neighbourhood will give Bay Street a real run for its money when it comes to attracting large corporate tenants.”