This past Wednesday the Globe & Mail newspaper announced that they signed a 15-year lease to be the lead tenant in a new office tower now under construction at 351 King Street East (just west of Parliament Street). This means that the newspaper will be leaving its current digs on the west side of downtown at Front & Spadina.
I have to admit that I was pretty excited when I read the news. The design looks incredibly promising and, as some of you might know, I’m bullish on the east side of downtown.
One of my favourite areas of the city is the Distillery District. But today it still feels very much like an island. And it’s because the city hasn’t really caught up to it. It’s a destination.
However, between the West Don Lands and major office projects such as this one (it’s 500,000 sf), I think the east side of downtown is about to hit its stride.
It’s continuing to “fill in” and this will make more and more people realize how central it actually is to the core - especially in comparison to west side neighbourhoods like Liberty Village.
Amongst my excitement, I did however stop to think about the fact that a newspaper company was taking top spot in a new office tower. Will newspapers even be around for another 15 years?
One of the North American truisms that I often like to challenge is the belief that kids should be raised in a house.
I’m interested in this topic, not because I’m planning for a kid, but because Toronto has gone through such a dramatic transformation over the past 15+ years to become a city where more and more people are living in multi-family dwellings (condos, apartments, and so on).
However, there’s still the belief amongst many circles that condo living is merely a stepping stone on the way to a house. Since Millenials have effectively added a new life phase between University and marriage, condos have become the home of choice for many twenty and thirty somethings. But how long will they stick around? I see a lot of people in my network getting married and subsequently moving from a condo to a house.
Why is this?
Is it because of schools? Is it a cultural belief that families require a house and a backyard? As someone who grew up in the suburbs, I can tell you that I never played in the backyard. I played on the street with other kids. I used a shared public space rather than a private one.
On a practical level, I think the condo-to-house tradition has a lot to do with the fact that condos are just more expensive on a per square foot basis than wood-framed houses. For the same price that you might pay for a small 2 bedroom condo in Toronto, you could still conceivably buy a 3 bedroom house in some inner city neighbourhood.
But the supply of single family homes in the city is limited. We’re not adding anymore. So as the price of these homes continues to increase - at what is now a faster rate than high rise housing - we may eventually reach a point where there’s no longer a cost savings associated with low-rise housing. In fact, they’d just be a luxury for the well-heeled.
In this scenario, I think we’d naturally see an increase in larger condo units - something the city has been trying to artificially encourage. And out of necessity, we’d see more and more families in condos. However, it’ll take a change in mindset. Are you ready for it? I’d like to think that I am.