Sam Mizrahi: despite pandemic demand still strong for central Toronto luxury real estate

Toronto Luxury real estate

While it may seem that the pandemic forced a pivot for many in the commercial real estate industry as Covid-19 altered the way people work and entertain themselves, that is not the case for everyone. Certain Toronto luxury real estate properties endured the storm, so to speak, and came out unscathed.

For some, the maintenance of building occupancy has been a mounting concern that has left a number of properties vacant and exposed landlords to a whole new assortment of perils. This has spurred some commercial real estate owners to repurpose spaces and include new amenities in order to facilitate hybrid working. As a result, the landscape has been evolving.

Toronto luxury real estate

That, however, has not been a concern for The One in downtown Toronto. The lavish 85-storey skyscraper at Yonge and Bloor is located at one of the most important intersections in Toronto. Despite much of the sales process taking place during an unprecedented global pandemic–and a fundamental paradigm shift in employer-employee relationships–the property is showing incredible strength from sustained demand.

Commercial space at The One is fully leased and sold out. On the residential side of the development more than 82% of the units have been sold.

“There simply is not much left,” Sam Mizrahi, who is developing The One, said, noting that if they had not added 9 additional floors of residential space, then the development would be 95% sold out for the units and sizes that had been previously sold.

Adding 9 additional floors to bring The One to 94 floors speaks volumes to the demand for downtown luxury condominium living. The Toronto real estate and specifically the condominium market has only grown stronger despite naysayers.

Why is the phenomenon particularly exhibited in Canadian cities?

Canadian cities and Canadians, themselves, are resilient, and find the cultural opportunities and proximity to others enriching and important.

“The culture of Toronto remains vibrant and world-class. For families and companies to find their homes at The One is significant. Lives will be built and memories created. That means something, particularly since the pandemic showed how much humans need each other,” Mizrahi said.

The One could be interpreted as indicative of the strength of real estate in certain very central areas and more specifically to properties that cater to a specific niche, according to Mizrahi.

Now there is movement in Canadian cities as Covid restrictions are being lifted, friends and family are gathering in restaurants, pubs, theaters and other gathering places. Brick-and-mortar commercial properties are once again ready for consumers to walk through their doors. There is a resurgence of the joys of human interaction and commerce.

Hope on the Horizon

Commercial real estate has been forced to take a keen look at human behavior. What do people want and where do they want to live and work?

According to Sam Mizrahi, developer of The One located in downtown Toronto, there has been a sort of renaissance in the industry as human needs are explored more fully by those offering amenities.

“The attention paid to people’s changing priorities should prove tremendously beneficial to those working from home and living in cities,” said Mizrahi.

Also, as restrictions loosen, people are returning, and this is serving as a boon to the real estate industry in choice areas.

Other articles from mtltimes.ca – totimes.ca – otttimes.ca

Mtl Wine Gal

Mtl Wine Gal bringing affordable high-end private imported wine to your table

Sonia Zarbatany

Pivot your life and business with life coach Sonia Zarbatany

SHAN Collection from Montreal

Hottest and latest bikini styles

Facebook
Twitter
LinkedIn
Email
Is it possible to get an A for a 5-paragraph essay assignment in 1 hour? We can safely say yes, a student can get an A+ mark if he turns to EduJungles


The growing need for international trade lawyers in emerging markets

Emerging markets are becoming key players in the global economy. Countries like China, India, Brazil, and several African nations are growing at a fast pace. But, they face tricky trade rules and regulations that can be hard to navigate. As a result, there is a bigger need for an international trade lawyer to help these

guide to freebies

Claim your free stuff in the mail: Ultimate guide to freebies

Have you ever wondered how some people score all sorts of free stuff in the mail? Imagine opening your mailbox to find beauty samples, snacks, or even tech gadgets waiting for you. This is not just a dream; it can be your reality. In this ultimate guide, learn how to get freebies, where to find

staycation

The ultimate guide to planning a long family staycation in Canada

To guarantee that everyone has an amazing time, careful planning is necessary when organizing a lengthy staycation. Here’s the ultimate guide to planning your family staycation in Canada. Canada, with its vast landscapes, diverse cities, and rich cultural heritage, offers endless possibilities for a memorable family staycation. Whether you’re exploring the stunning natural beauty of

Meal kits

Cost vs. Convenience: Analyzing meal kits and traditional cooking

In this modern world and modern times, convenience often takes priority over cost, especially when it comes to food. Meal kits and traditional cooking represent two different approaches to home dining, and each of them has advantages and disadvantages. Analyzing these methods through the lens of cost and convenience provides insight into why individuals might

Condo renovations

Condo renovations Dos and Don’ts: Expert Tips for a Successful Project

Embarking on a condo renovations journey can be both exhilarating and daunting. Imagine transforming your living space into a stylish haven that reflects your personality and meets your needs. While exciting, the process can be full of challenges and unforeseen hiccups. That’s why we’ve gathered some condo renovation dos and don’ts from the experts to

Terrific Hair

Terrific Hair Means Tamanu – Earth to Body

Curly, straight, thick, thin, kinky or silky, tamanu loves and makes terrific Hair.  And scalps. Nutritionally dense yet gentle, tamanu is an effective and versatile nut oil. It stimulates, helps promote growth. prevents hair loss, reduces scalp itch and irritations and adds a natural sheen! Make tamanu a part of your hair and scalp care

Mtltimes Subscription

The latest on what’s moving Montreal and the world – delivered straight to your inbox