TORONTO‘s Financial District has outgrown Bay Street. It’s spreading towards the waterfront, 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.
This new neighbourhood is giving Bay Street North a run for its money when it comes to attracting large corporate tenants. The Canadian Imperial Bank of Commerce recently announced that it’s moving 15,000 employees from King and Bay to new headquarters in South Core.
CIBC will join 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; Cisco Systems Inc. has chosen South Core for its new Canadian headquarters and one of four global innovation hubs.