Backed by strong investments from the private and public sector, Toronto has become one of the fastest-growing technology hubs in North America. According to CBRE’s 2017 North American Scoring Tech Talent report, the city added 22,500 new tech jobs between 2015 and 2016, compared to major cities like New York at 5,370 new jobs, and San Francisco with 11,540. The report, which ranks the 50 largest markets according to their competitive advantages and appeal to employers and talent within the industry, ranked Toronto sixth in its overall annual ranking.
As a result, Toronto has quickly transitioned from Hog Town to Tech Town and has earned the nickname ‘Silicon Valley North’ with a tech scene filled with innovative infrastructure, startups and megafirms like Amazon, Google and Uber.
Toronto’s transformation into Canada’s newest tech hub comes as no surprise, as the city boasts a thriving financial sector, a diverse population and a large pool of talented students from numerous post-secondary institutions. For example, the University of Toronto is home to 10 startup accelerators, including the Department of Computer Science Innovation Lab and the Rotman School of Management’s Creative Destruction Lab.
Toronto is also poised to benefit from major public sector funding including a $15 million investment into artificial intelligence announced in the 2018 Ontario budget. Spread over three years, the plan consists of a targeted investment into NextAI by Toronto-based NEXT Canada. The program aims to bring together AI entrepreneurs, assist them in building their firms, and helps organizations integrate AI-driven technologies into their operations.
With the city’s tech scene growing at such a rapid pace, Concord is planning for the future by designing an innovative high-tech building that matches the needs of new tech talents. Concord is known for its large scale master-planned communities, including Concord CityPlace in downtown Toronto and Concord Park Place in North York.
The company’s latest project brings it to the heart of the Entertainment District and the centre of the city’s tech hub. The appropriately-named Central is located at 38 Widmer Street and is within proximity to countless startups and tech firms, including Shopify, Ebay, WeWork and Google.
Inside, the residence offers a wealth of innovative features and amenities that cater to the modern condo buyer. High-tech features include 100 per cent WiFi connectivity throughout, state-of-the-art conference rooms, near-field communications (NFC) technology for building entry, refrigerated parcel storage, 100 per cent electric vehicle parking, smart thermostats and more. The common amenities area will also feature shared office space that provide an ideal working environment for residents and small businesses.
We’ll have more information on the complete list of building features and amenities in our next article. To learn more about the development, be sure to register online at centraltoronto.com.