Deprecated: stristr(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /home/quickydc/mtltimes.ca/wp-content/plugins/a2-w3-total-cache/lib/W3/PgCache.php on line 1054
Sam Mizrahi: despite pandemic demand still strong for central Toronto luxury real estate - Mtltimes.ca

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


real money casino games

What are the most popular real money casino games in Canada?

Canada’s online gambling industry is expected to generate more than $4 billion this year. Canada has long been one of the world’s top regulated markets for online gaming. While the country has a lower nationwide gaming revenue share than the U.S., Canada still offers a complex, competitive, and well-regulated market for casinos looking to expand

Kevin O'Leary

After Kevin O’Leary acquisition for $38.5M, Coinberry split into 2

WonderFi, a crypto ecosystem backed by Kevin O’Leary, plans to acquire Toronto-based crypto exchange Coinberry. The acquisition is valued to be around $38.5 million and it’s only for 30% of the company’s activity, meaning just the exchange. Legally, the company will be split into 2 – Coinberry Canada and Coinberry. The latter will be merged

Planning a new business

Planning a new business venture? Here’s how to research the idea further

Do you have an idea for a business? Are you wondering if it’s worth pursuing further? If so, you’re in the right place! In this blog post, we will discuss how to research your business idea further and determine whether or not it is worth moving forward with. We’ll cover everything from market research to

Montreal weather

Make use of the perfect Montreal weather with these fun outdoor activities

It’s finally the time of year when Montreal weather is perfect for going outside and enjoying all sorts of fun outdoor activities. Montreal offers the ideal mix of sun, rain, and cool temperatures so that there’s something to enjoy outdoors all year round. Here are some great ideas to start making the most of this

Poker options

Poker options at today’s casinos

Poker options – Imagine a poker game, and you probably picture a scene from the Cincinnati Kid or Casino Royale. Or perhaps you think of the likes of Phil Ivey and Daniel Negreanu playing for thousands in the World Series of Poker. Either way, it’s easy to see why people tend to see poker as

sports betting

10 common sports betting myths

Canada has one of the largest online sports betting markets in the world. The country of the maple leaf started its gambling journey much earlier than the majority of other countries. The majority of Canadians enjoy placing bets on sporting events. The Canadian sports betting market offers wagers on everything – from championships to the

Mtltimes Subscription

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