Toronto’s Waterfront will be accommodating leading urban innovation promoter MaRS Discovery District via its new 24,000-square-foot tech hub.
Earlier this week, MaRS and its partner University of Toronto announced that they will soon be completing the acquisition of a lease from Menkes Developments Ltd.
MaRS will be situated in the HIVE tower.
Slates for opening in 2021, the Waterfront Innovation Centre is predicted to provide space for around 3,000 new workers, and offer approximately 400,000 square feet of commercial space upon completion.
CEO Yung Wu said that the move will help Toronto’s rapidly-growing innovation community contribute to the city’s development in a highly accessible and desirable location.
“Toronto is experiencing its lowest commercial vacancy rate ever (3%), making the city the most sought after market in North America,” Wu said. “Our start-ups and partners need more space to scale, and this new development is the ideal location for that growth.”
“As Toronto becomes a destination for global talent, venture capital and tech corporations, demand for space is at an all-time high. It’s imperative that we develop new innovative and entrepreneurial hubs in communities across the city,” Wu added.