TORONTO
Retrofit first?
Toronto remains Canada’s most expensive market for office fit out – with high-specification work costing on average CA$435 per ft2. However, Vancouver is a very close second (CA$433 per ft2), and both remain competitively priced in comparison with markets south of the border – less expensive than Dallas, the cheapest US fit-out market in our index.
Businesses are demanding more high-quality space in Toronto, with several companies ushering back more in-person working. Yet a lack of space and sustainability-focused local policy is leading a growing number of firms to lean towards retrofitting rather than new builds. Overall, the market is stable, without high inflationary pressure.
The City of Toronto’s competition-style Deep Retrofit Challenge has helped to spur market confidence in more comprehensive renovations, capable of halving a building’s energy usage. For clients choosing this route, it’s still important to keep a handle on short-term costs by continuing to put a laser focus on the fundamentals of what they need from the space to ensure a return on investment.
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