6 Canadian Commercial Real Estate Projects to Watch This Year

Commercial real estate developers are changing cities across Canada with bold projects that will impact how businesses operate, customers shop and scientists make discoveries. Here are six key projects we are tracking in 2025.

Oakridge Park (Vancouver)

Oakridge Park – Rendering: Oakridge Park

Luxury is making a comeback in 2025 with Oakridge Park, a five million sq. ft. mixed-use project that includes the redevelopment of the former Oakridge Centre shopping mall. Co-developed by QuadReal and Westbank, the project will feature offices, residential buildings, a public library and a park for events. It will have 650,000 sq. ft. of retail, more than 100 luxury retailers and a food hall operated by Time Out Market. Oakridge Park will boast new-to-market high-end retailers like Bvlgari, Christian Louboutin, David Yurman and Tag Heuer, along with Parisian jeweller Chaumet’s first North American store.

40NetZERO (Montreal)

40NetZERO – Photo: 40NetZERO

Montreal’s 40NetZERO development is on track to become North America's largest carbon-neutral industrial park. Part of this Montreal-Est development has already been completed and leased, but additional buildings are expected to be delivered in 2025, 2026 and 2027. The project will include shipping and staging facilities, ultra-high bay warehousing and a minimum clear height of 40 feet. It will be powered by clean, renewable energy, features a rainwater management system and boasts solar panel-covered carports, making it an appealing option for ESG-conscious companies. The site will also include a pavilion with restaurants, recreation areas, a conference room and a gym for employees.

Wonder Valley (Grande Prairie, AB)

Wonder Valley – Rendering: O’Leary Ventures

Who said data centres had to look boring? Canadian businessman and television personality Kevin O’Leary is taking the industry to new heights with an ambitious plan to build the world’s largest AI compute data centre park in Northern Alberta. The project, named Wonder Valley, will include 58 buildings and 7.5 GW of total power, rolled out in multiple phases. It is expected to cost over $70 billion and will feature trails, wildlife and recreation options for employees.

Also watch Toronto-based Cohere’s new AI compute data centre development, which recently received a $240 million government commitment as part of the federal government’s $2 billion Canadian Sovereign AI Compute Strategy. The project is expected to come online in 2025.

88 Bathurst (Toronto)

88 Bathurst – Rendering: Hines

Canada desperately needs new rental housing and developer Hines, in partnership with Danish architecture firm 3XN, is stepping up to the plate with 88 Bathurst. This 312,000 sq. ft. mixed-use development will be a stone’s throw from Toronto’s trendiest restaurants and bars. It will have 307 luxury rental residential units and feature office and retail components. Once occupancy begins in Q2 2025, residents will get to enjoy skyline views from the rooftop pool on the 17th floor.

On Canada’s East Coast, watch the Kings Wharf development near downtown Dartmouth and the ferry terminal. The 20-building mixed-use project is expected to include condos and apartments and a 100-berth marina, park and boardwalk. Four buildings have currently been completed. The newest, The Kevel, will have 220 suites over 27 storeys with views of Halifax’s skyline.

Inspire Bio Innovations (Montreal, QC)

Inspire Bio Innovations – Rendering: NEUF architect(e)s

Designed by NEUF architect(e)s in collaboration with Jadco Construction, Inspire Bio Innovations shows that the life sciences industry can make ground-breaking scientific discoveries and look good doing it. This development was named Future Office: Project of the Year at the World Architecture Festival. It also won a WAFX Award for its creative and sustainable repurposing of the abandoned Montreal Chest Institute hospital, near downtown Montreal.

The 180,000 sq. ft. multi-phase project will provide offices, labs and an incubator fed by local universities. It will be a welcome addition to Montreal’s flourishing research and development ecosystem, partnering with the Montreal Clinical Research Institute (IRCM) on an animal facility for pre-clinical trials, shared equipment and instrumentation rooms. CellCarta, a precision medical laboratory services company, will anchor the space as of Q1 2025, taking over approximately 90,000 sq. ft. in Phase 1. Phase 2 will be delivered in 2026.

Another life sciences project to watch is Laval’s Cité de la Biotech, where HarveyCorp is converting office buildings into graduation spaces for startups to grow into. New spaces will be available in 2025.

CIBC Square II (Toronto)

141 Bay Street CIBC Square II – Rendering: Invanhoé Cambridge

With 1.4 million sq. ft. over 50 storeys, CIBC Square II is the largest office building currently under construction in Canada. Abutting Union Station, it is the second phase of a two-tower project by developers Hines and Ivanhoé Cambridge. CIBC Square’s first phase was delivered in 2021 and is tenanted by CIBC, Microsoft Canada and Boston Consulting Group. The development also hosts the TABLE Fare + Social food hall, the Union Station Bus Terminal and a one-acre public park over the rail corridor. CIBC Square II is due to be completed in mid-2025. CPP Investments is one of the first tenants.