The Toronto metro area has almost three million people living in an area of nearly 6,000 square kilometers. Somebody looking to establish an office in this area might have a hard time choosing between midtown and downtown office rentals. This guide will explore the difference between midtown and downtown rental space and help you decide which of these two areas is right for you and your business.
The midtown Toronto area is one of the major business districts that borders the city’s downtown. While the exact locations that count as midtown can vary, most people consider the borders of the district to be Bloor Street in the south and Lawrence Avenue in the north, with Bayview Avenue forming the eastern border and the combination of Ossington Avenue, Oakwood Avenue, and Marlee Avenue bounding the west side. On a price per square meter basis, it can be less expensive to rent space here than it is to rent office in downtown Toronto. At the same time, midtown is further away from certain amenities when compared with a similar office rental in downtown Toronto.
Downtown Toronto consists of 17 square kilometers of space containing almost 200,000 people. This is Toronto’s main business district, which makes office rental in the downtown area very popular. When you rent an office in downtown Toronto, you gain the benefit of terrific location and easy access to other businesses. However, this sometimes comes at the cost of a higher price. Additionally, an office rental in downtown Toronto is farther away from the city’s residential areas, which means that workers usually have to commute. This might not be a problem if you use a virtual office or allow employees to work off-site, but if you rent office in downtown Toronto you also need to consider parking and other logistics.
Making the Decision
When it comes down to deciding whether you should pursue an office rental in downtown or midtown, you should think about the overall cost and the benefits that each location offers to your employees. If you value the flexibility to communicate with other businesses and the convenience of great food and shopping options nearby, an office rental in downtown might be the way to go for you. On the other hand, companies that are trying to save money or who have numerous employees that either don’t use public transportation or can’t afford expensive parking options might opt for a midtown office instead. Regardless of your choice, remember to consider all options, including the ability to have employees remotely if you need to save extra money on space.
Both downtown and midtown Toronto offer their benefits and drawbacks. The good news is that Toronto as a whole offers a lot of very desirable business rental space. This means that you gain multiple advantages even if you have to select a space that doesn’t seem to be a perfect match at first blush. As long as you do your research and consider the needs of your employees, you really can’t go wrong.