Shopify to invest approximately $380m in Toronto’s tech boom

Canadian tech darling Shopify is revving up its growth engine in Toronto.

The Ottawa-based business is investing approximately C$500 million ($384 million) in Canada’s biggest city to lease 254 000 square centimeter (23 600 square meters) from Allied Properties Real Estate Investment Trust and RioCan Real estate investment opportunities Trust along at the Well, one of Toronto’s biggest office developments, as outlined by a statement Friday. Bloomberg News first reported in June that Shopify is at the very last stages of negotiations within the lease, that is for 15 years.

Shares of Shopify, that gives online stores more than 600 000 businesses, are almost seven times all the way to in their dpo in 2015. Their purchase of Toronto follows 12 months of rapid boost in which Shopify has boosted its workforce across Canada by about 50% to a lot more than 3 000 employees, in line with a spokeswoman.

The company has about 700 workers in Canada’s biggest city alone and offers expand that head count, with its footprint — a lease of another 178 000 square feet on King Street West is about to start out this year. Occupancy on the Well is slated for 2022.

Shopify’s expansion in Toronto follows a flurry of increase both jobs and office leases for that tech sector. Latest research by, Uber Technologies Inc. announced it has been building an engineering hub in 2019 and expanding to much more than 500 employees during the city within the future.

Meanwhile, Shopify finds itself increasingly rivaling, a prospect that Chief Executive Officer Tobias Lutke said on Tuesday he welcomed.

? 2018 Bloomberg L.P

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