Toronto Office Space
Toronto is, without doubt, the economic capital of Canada. It is also one of North America’s biggest and most dynamic cities. Toronto is home to 80% of Canada’s technology companies and most of its major banks. Demand for office space in Toronto has never been higher. The vacancy rate for Toronto office space hit a record low in the first quarter of 2019. Toronto has the lowest vacancy rate in North America.
This is great news if you own office space and are looking to lease and we can certainly help make that process as easy as possible. If you are trying to find office space, the process might be a bit harder. However, we will work with you to find the perfect space and give you the personal service your business deserves.
Boutique Commercial Real Estate Services
Toronto is a thriving commercial centre. As you would expect, most of the major commercial brokerages have a presence here. Typically, however, these brokerages are focused on larger companies taking entire floors and multiple floors. They don’t always have the desire or the time to service clients with smaller requirements.
That’s where we come in. If you are looking for office space, your requirement may be smaller, but that doesn’t make it any less important. If anything, it makes it more important. If you are a start up or an established business looking to expand, every dollar counts. You need and deserve first class service.
If you have an office space in Toronto that you are looking to lease, every day that it is not rented costs you money. Just because your space is smaller, doesn’t mean it should be an after thought. With Red Square Commercial, your space is our priority.
Types of Toronto Office Space
While office space in Toronto is extremely tight, the good news is that there are now more options with regards to the types of space.
A Traditional Lease
This is a lease directly between your business and the landlord. Typically it will be for a term of 5 to 10 years. Rent is paid monthly and is usually based on the amount of square footage that you will be renting (plus your share of the common areas). While the concept is simple, it is important to know the difference between basic rent and additional rent. It is important to know the difference between rentable area and usable area and there are a whole host of other terms and references that you will need to know. We will be your guide through that.
A Sub Lease
Sometimes a company’s requirements change and they need to get out of their lease. Maybe they are growing and need a bigger space. Unfortunately, sometimes the opposite is true. All companies experience difficult times and they may need to exit their space for something smaller.
In these cases, the landlord will usually give permission for the tenant to sub-lease the property. This means that another company will take over the lease. The new company will need to be vetted by the landlord, but if they are accepted then the new company can take over the rental of the premises. These leases are typically shorter as the new tenant is simply taking the time remaining on the lease.
Temporary or Flex Work Solutions
Flex working has been around for a long time. Regus pioneered the concept and, more recently, WeWork has pushed flex work back in the news, for good reasons and bad!
Temporary or Flex Work solutions are great for companies that are starting out. All companies start with visions of growth. However, it’s hard to predict exactly how quickly that growth will come. These office spaces are often rented by the month and sometimes even by the day or the hour. This means that when you do outgrow your space, you are not locked in to a long terms lease. It will also stop you renting more space than you need initially – like the sweater your mother said you would grow in to!
These solutions are more expensive on a per square foot basis, but because you only pay for what you need, it can often be a more efficient way to get started.
The Right Solution
The above is just a primer on some of the different types of office space available in Toronto. The best solution, however, is the solution that is right for you! Red Square Commercial will work with you to find the right solution for your business.