Toronto Union Centre | 298m | 54s | Westbank | Bjarke Ingels Group

Northern Light said:
Shopify is just going into 'The Well'; while they have expanded greatly in the pandemic, I don't believe they are yet at risk (subject to 'return to the office' )of fully exploiting their space there.

They may well grow quickly, but they were not on my list of those shopping for 400,000ft2 plus (but maybe that's changed).....

Edit to add; just cause I haven't heard of that, doesn't mean it might not be true.
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Shopify's not returning to the office. They've gone fully remote.
 
Northern Light said:
I'm not giving away anything............

But I have spoken about the office market in Toronto being much stronger than some seem to think.

If one were to listen to this Michael Emory interview from last week; in the first minute he says something about the Toronto market...........

www.bnnbloomberg.ca

Video

Real Estate | Video
www.bnnbloomberg.ca www.bnnbloomberg.ca

He also has something to say in the last minute..........

Pay close attention class...........
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Just wanted to flag something here: 'interview from last week'?? There's no reference to the pandemic at all and its impact on the real estate market; they are sitting very close to each other without masks; and, in the last minute, the interviewer asks Emory about the possibility of Amazon2 HQ landing in Toronto. Emory notes that Amazon 2 HQ will not happen in Toronto but that Amazon will likely take a bigger position in Toronto 'just as it has recently in Vancouver'. As we know, Amazon 2 did not go to Toronto. SO, this interview is at least a couple of years old. And also, the headline "Allied Reit moves forward on giant Toronto development" sounds dated - it implies some big new development is about to start construction when in fact The Well is well underway and more than half finished. Is there a date stamp somewhere on the webpage that I didn't see to confirm when this interview happened?
 
CharmAlarm said:
Just wanted to flag something here: 'interview from last week'?? There's no reference to the pandemic at all and its impact on the real estate market; they are sitting very close to each other without masks; and, in the last minute, the interviewer asks Emory about the possibility of Amazon2 HQ landing in Toronto. Emory notes that Amazon 2 HQ will not happen in Toronto but that Amazon will likely take a bigger position in Toronto 'just as it has recently in Vancouver'. As we know, Amazon 2 did not go to Toronto. SO, this interview is at least a couple of years old. And also, the headline "Allied Reit moves forward on giant Toronto development" sounds dated - it implies some big new development is about to start construction when in fact The Well is well underway and more than half finished. Is there a date stamp somewhere on the webpage that I didn't see to confirm when this interview happened?
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May 2018
 
Undead said:
May 2018
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Interesting.

1627613375723.png


That's what showed when it came up on my feed.

*****

That said, while an older date is problematic, the information in it is entirely consistent with what I know and what was on the conference call a couple of days ago (though not everything was covered in the same way, obviously).

Needless to say, while the information, to my understanding would be reasonably accurate in describing current circumstances, the video is not current, and my misreading of such, was inadvertent.
 
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This time, I have double checked the date, this is a video from April with Michael Emory noting ongoing rent increases for Allied Toronto, Montreal and Vancouver from April of this year.

www.bnnbloomberg.ca

Once vaccine rollout achieves momentum, offices will fill up: Allied Properties REIT CEO

Michael Emory, president and CEO at Allied Properties REIT, discusses his company’s latest earnings results. Emory said they are still seeing more office rentals in the Toronto and Vancouver market, and that Canadians are more optimistic about returning to the office this year than last since...
www.bnnbloomberg.ca www.bnnbloomberg.ca
 
canarob said:
Shopify is now referring to Toronto as their main centre of operations: https://www.google.com/amp/s/ottawa...wcm/8cf076d2-d2fc-40c4-b469-005cf0d98e6e/amp/

I think Amazon and Shopify will both build signature towers because they can and because they are competing for the same talent.
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They will not. Shopify is Allied's tenant and, as mentioned previously, Amazon has space bookmarked in a future tower.
Northern Light said:
Shopify is just going into 'The Well'; while they have expanded greatly in the pandemic, I don't believe they are yet at risk (subject to 'return to the office' )of fully exploiting their space there.

They may well grow quickly, but they were not on my list of those shopping for 400,000ft2 plus (but maybe that's changed).....

Edit to add; just cause I haven't heard of that, doesn't mean it might not be true.
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Shopify has ~450k sf in The Well (with further unexecuted expansion rights) and 175k in King Portland Centre (with their logo on the MPH).
NeilV said:
I'm going to guess The Hub.
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Nope.
kthing said:
Shopify's not returning to the office. They've gone fully remote.
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Nope.
CharmAlarm said:
Just wanted to flag something here: 'interview from last week'?? There's no reference to the pandemic at all and its impact on the real estate market; they are sitting very close to each other without masks; and, in the last minute, the interviewer asks Emory about the possibility of Amazon2 HQ landing in Toronto. Emory notes that Amazon 2 HQ will not happen in Toronto but that Amazon will likely take a bigger position in Toronto 'just as it has recently in Vancouver'. As we know, Amazon 2 did not go to Toronto. SO, this interview is at least a couple of years old. And also, the headline "Allied Reit moves forward on giant Toronto development" sounds dated - it implies some big new development is about to start construction when in fact The Well is well underway and more than half finished. Is there a date stamp somewhere on the webpage that I didn't see to confirm when this interview happened?
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It's The Well. You're overthinking this. It's just The Well.
 
ProjectEnd said:
They will not. Shopify is Allied's tenant and, as mentioned previously, Amazon has space bookmarked in a future tower.

Shopify has ~450k sf in The Well (with further unexecuted expansion rights) and 175k in King Portland Centre (with their logo on the MPH).

Nope.

Nope.

It's The Well. You're overthinking this. It's just The Well.
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Cool. If it's not The Hub, that pretty much means it's CC3. :)
 
For those wanting a guide on how to find out more; when those who have inside knowledge are limited in what they can share........

How to scope out the scoops (A guide on how to know what's in the development pipeline)

So..... Over at the Union Centre thread for Toronto............. @ProjectEnd and I have been having too much fun. LOL At the risk there will be more people who know more things and post them first here at UT........... I'm going to provide a manual for those who want to be more 'in the know'...
urbantoronto.ca urbantoronto.ca
 
kthing said:
I work at Shopify, we're not going back.

Edit: we are keeping around some offices but we aren't going back there to work.
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Interesting insight. So what happens to the ~650k sf of space the company is currently leasing or has obligations to lease in the near future? Doesn't sound like 'keep around' offices, no?
 
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