Inside the EY Tower, the lobby features modern amenities and art, including Group of Seven paintings, reflecting the building's blend of history and contemporary design. In late November, Oxford Properties Group announced that EY Canada had renewed its long-term lease in Toronto’s EY tower early and expanded its footprint by close to 50,000 square feet, for a total of 300,000 square feet.
Toronto office market experts say the EY deal is the leading edge of a trend to expansion and early lease renewals in 2025 as large institutional employers gain confidence in the shape of the post-Covid office landscape. Vacancy rates in 2025 are expected to remain high, peaking midyear, as supply is absorbed, say forecasters, but the flight to quality means trophy assets will outperform the market.“The highest quality assets in the best location, which sort of defines Triple A and A … are going to outperform the rest of the market across the board, and they will have a lot of success in 2025 and beyond,” says Nick Kordic, vice-president of office leasing for Oxford. The focus on quality extends beyond location and aesthetics. Mr. Kordic says large firms are committed to sustainability and to employee experiences in the building that include modern amenities and engaging, flexible workspaces. The EY Tower, at 100 Adelaide Street West in the heart of the financial district, started life as a 16-storey building in the 1920s, and was completely redeveloped to a 40-storey amenity-rich, high-energy performance tower in 2017. CBRE vice-president and Toronto downtown sales manager Nicholas Potkidis says the EY transaction is not a one-off. He says his firm tracks larger companies in the market who are physically touring space as they determine their space needs. “The tenants in the market now are above 30, well into the hundreds . We didn’t see that two years ag
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