A new 24,000-square-foot tech hub in Toronto’s Waterfront will soon play host to MaRS Discovery District, which is acknowledged as one of the world’s most significant urban innovation promoters.
MaRS, together with partner University of Toronto, announced earlier this week that the process of securing a lease from Menkes Developments Ltd. for the vast office space is nearing completion. MaRS will be situated in the HIVE tower.
MaRS CEO Yung Wu said that the move will help Toronto’s rapidly-growing innovation community settle down and do good work in a highly accessible and desirable location.
“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 stated.
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“Toronto is experiencing its lowest commercial vacancy rate ever (3%), making the city the most sought after market in North America,” Wu added. “Our start-ups and partners need more space to scale, and this new development is the ideal location for that growth.”
Upon completion, the Waterfront Innovation Centre is expected to accommodate around 3,000 new workers, and offer approximately 400,000 square feet of commercial space. The community is set to open in 2021.