Improved science clusters essential to keep talent in the Toronto region, says CBRE report
Lab vacancy in the Toronto region is virtually non-existent, at only 0.2 per cent of the 12.3 million square feet of inventory in the region. Demand from domestic and international companies could immediately fill an additional 3.5 million square feet, CBRE estimates. “Put another way, demand for lab space exceeds currently available space by a factor of 141,” the study found.
McMaster Innovation Park in Hamilton has commenced construction on the first phase of two research and development lab buildings for anchor tenant OmniaBio. The new 120,000-square-foot building that will also have 26,000 square feet available for third-party leasing, and is scheduled for delivery in the third quarter of 2023. The first building is part of nearly 2.8 million square feet of planned construction, bringing the total lab campus size to roughly 3.5 million square feet.
Toronto-based First Gulf and San Francisco-based Spear Street Capital are partners in the project, which is drawing interest from potential tenants across Canada, as well as the United States, he says. Meanwhile, KingSett Capital plans to add four storeys of dedicated research labs on top of its 20-storey office building at 700 University Ave., across the street from the Medical and Related Sciences Discovery District.
While this is KingSett’s first life sciences project, “there are definitely opportunities for more in the GTA, as life sciences is a sector with significant growth potential,” Mr. Petch says.
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