Chris Rickett’s Post

Yesterday, Toronto Region Board of Trade hosted an important symposium we called Race for Space. Why? Because the Toronto region faces a looming land-use crisis. How we resolve it will set Canada’s largest urban region—and the engine of the national economy—up for success or failure in the decades to come. Make no mistake, we are at an inflection point. In many respects, the heart of the matter is the pace and scale of our population growth that we failed to properly anticipate or plan for and now we’re playing catch up. But with all the attention focused on housing supply, there’s a parallel crisis looming. Where will the residents in these new housing developments work? As we heard today, rising population density is squeezing out our employment lands due to conflicting use issues between new residents and established industrial operations. But as School of Cities, University of Toronto’s Karen Chapple rightly pointed out, you can’t really have housing without employment. So, we need to figure out how to manage the complexity of these conflicting uses. Other places have. If businesses, particularly in advanced manufacturing, are going to continue to invest here and grow—and we need them to—they’re going to need certainty. Protecting our employment lands from further erosion will be crucial to safeguard our future prosperity and the high productivity jobs that are on these lands. As we heard from Mondelez Canada’s Eric Carrier, MBA, international firms are still committed to our market, but high costs of land, construction, energy, development charges, plus growing delays in permitting and approvals are making US sites increasingly attractive. CBRE Canada’s Jon Ramscar said, Toronto region, North America’s 4th largest industrial market, “should be a superpower with a quarter of Canada’s GDP and so much untapped potential”. And yet, he observed as other speakers did throughout the day, that it takes twice as long to turn around permits for development. And that's a real problem for us in terms of attracting companies for the future. Making the Toronto region a more competitive jurisdiction for business to locate needs to be job one, especially when we are facing looming threats from the incoming United States administration. 

Our Race for Space: Navigating Toronto's Employment Lands Crisis event on December 10 was a wake-up call on the silent but steadily advancing crisis threatening the good paying jobs at the heart of our economy.     Three takeaways from the event: 1️⃣ Priority 1 must be identifying and protecting the viable industrial lands we have. We need policies like Provincially Significant Employment Zones (PSEZs) to provide businesses the long-term certainty they need to invest in their operations.  2️⃣ We can't create one crisis to address another. The same people who need housing will need good jobs.   3️⃣ We need to cut the red tape and bureaucracy getting in the way of growth and investment. Rising costs of increasingly scarce land, construction and municipal development charges, combined with lengthy permitting and approvals are pushing Ontario’s industrial development opportunities and investment south of the border. Read our full recap and hear what leaders including CBRE Canada's Jon Ramscar; Imperial Oil's Angel Chacon; School of Cities, University of Toronto Karen Chapple; Osler, Hoskin & Harcourt LLP's Chris Barnett and others said here: https://lnkd.in/g9fbC-63

How did the BBC’s move to Salford affect the local economy? Max Nathan Henry Overman Capucine Riom and Maria Sanchez-Vidal find there was an increase in creative jobs, but the wider impact was less than expected. They find the move helped the area’s creative industries grow, adding 2,000 further jobs and over 220 businesses by 2017. But effects on adjacent activities, like technology, are marginal. What’s more, we find no jobs gains across the wider Salford economy, including on local services. https://lnkd.in/d7g7tAFq

Why is Markham the ultimate destination for business growth? 🌍 Located just north of Toronto, Markham has emerged as one of Canada’s most desirable locations for businesses and investors alike. 💼 Key Highlights of Markham’s Dynamic Economy: 1️⃣ A Leading Tech Hub: Home to over 1,500 tech companies, including industry leaders like IBM and Avaya. Markham’s thriving tech ecosystem attracts top-tier talent and drives innovation. 2️⃣ Low Unemployment: At just 5.8%, Markham’s unemployment rate is significantly lower than the national average, reflecting a robust job market across multiple sectors such as healthcare, technology, and finance. 3️⃣ Unmatched Connectivity: Strategically located with access to major highways, efficient public transit, and Pearson International Airport, Markham provides seamless connections for businesses and employees. 4️⃣ Diverse and Inclusive: Over 70 cultural communities call Markham home, creating a vibrant environment that fosters creativity, collaboration, and innovation. Sevendale Business Park places you at the center of this dynamic community. By choosing Sevendale, you’re investing in a location that aligns with growth, innovation, and opportunity. 📩 Let’s discuss how your business can thrive in this rapidly growing city. Contact us today to learn more. 🌐 www.sevendale.ca #MarkhamBusiness #SevendaleBusinessPark #TechCapital #BusinessOpportunities. #Sevendale #sevendalebusinesspark #gritdevelopments #Markhamcommercialrealestate #CommercialSpace #realestateinvestment #MarkhamBusiness

Greater transport investment required north of Watford For too long we have seen billions of pounds spent in London on transport links, for example M25, Jubilee Line and Elizabeth Line. This have reaped huge benefits for the capital and south east, but how much in comparison has been spent in Birmingham / Midlands and linking the Northern cities of Leeds, Manchester and Liverpool? How much longer do we need to wait to un-tap the potential that will benefit the entire UK economy?

Great insights from Phinjo Gombu at the Toronto Region Board of Trade about the land use conflicts between employment lands and residential development along the waterfront in Toronto's Port Lands. This is a microcosm of issues playing out across the Province - including around Toronto Pearson - where the demand for housing is pitted against the need to maintain employment lands that support economic growth and job creation Over 400,000 people are employed around the airport in the Pearson Economic Zone, which is Canada's largest employment area by landmass and second largest by employment. This area features the country's largest concentration of manufacturing and transportation companies, helping it drive 8% of Ontario's GDP. There is a need for a balanced approach to addressing the housing crisis - and preserving the employment lands that provide the wages needed to buy those houses is critical.

Toronto is a city I’m proud to call home!  I’ve lived here for 35 years! It’s been a privilege to Co-Chair the City of Toronto Economic Development Advisory panel with Councillor Shelley Carroll, ICD.D. The 28 member panel representing business, labour, academia, and civil society institutions came together to provide input, discuss and debate how to strengthen Toronto’s economy over the next decade and build inclusive growth and prosperity. Yesterday, I joined Mayor Olivia Chow and Councillor Carrol to introduce the ambitious plan: Sidewalks to Skylines: An Action Plan for Toronto’s Economy.  The report and plan puts forward a comprehensive 10-year strategy designed to guide economic development policies and programs to build inclusive growth and prosperity.  Key themes of the plan: 1️⃣  Strong main streets – supporting the thousands of small businesses that anchor our main streets to ensure the prosperity and vibrancy of Toronto neighbourhoods. 2️⃣ Quality jobs – creating good jobs and harnessing local talent to build an inclusive economy. 3️⃣ Global competitiveness – supporting high-value, innovative sectors such as technology, life sciences and the creative industries. No surprise, I’m delighted to see tangible actions to ensure that Toronto continues to be a leader in talent and innovation. This is essential in order to unlock the full potential of the people in our region, and to attract and retain the best talent from around the world.  The cross-sectoral membership of this panel is illustrative of the type of engagement and partnership we will need within and across governments, business, educational institutions, not for profits and civil society to drive this plan forward. Big issues require taking collaboration and co-creation to a whole new level. Will you join us in building the next #Toronto?  Read the report (an easy read - clear, concise, readable) to determine what role you can play in bringing this to life.  Full plan linked below.

As many of you know, the Toronto region faces competing pressures for land use. Lots of ink has been spilled on the housing shortage, but it's critical that as we find opportunities to build new housing, that we also protect the lands that provide good jobs and make our economy tick. Next week, we're hosting a symposium that looks at this Race for Space and what it means for the logistics, manufacturing and industrial sectors in our region. It would be cool if I saw you there! https://lnkd.in/gPgRzvBE