Trackunit’s London Office Gives Downtown Regeneration Efforts A Boost
September 30, 2022 3 Minute Read
Global construction software development company Trackunit has signed a five-year lease for a 21,000 sq. ft. space at The Cube, a brick-and-beam office building on Talbot St. in downtown London, ON.
The deal was brokered by CBRE’s Greg Harris, who calls it a “huge vote of confidence” for London, whose downtown office vacancy rate was 25.3% in the third quarter of 2022. “This helps to support the city’s drive to get people back working and enjoying life downtown.”
Trackunit is looking to boost its North American presence and attract local talent from across Southwestern Ontario, particularly software engineers. It needs to keep pace with the roaring Internet of Things business in the construction market, which is expected to grow to $22 billion by 2024.
Trackunit sees its new downtown London digs, with capacity for up to 80 employees, as a critical component of its growth plan because of its access to public transit, city centre amenities, and the talent pools at Western University and Fanshawe College.
The Denmark-based company acquired a local firm that had previously operated out of an older industrial building with an office component in the south end of London.
“Trackunit is a tech company, and they were looking for more of a funky, open-plan character space, and did not see themselves in traditional office building” says Harris. “They didn’t want to be in the south end. It’s limited in terms of amenities and transit access.”
304 Talbot Street, London ON
Off Market but Not Off Limits
Harris knew the best options would be downtown, and he helped Trackunit find their new home at The Cube, an off-market opportunity he knew about through conversations he’d had with London-based building owner York Developments, with whom he’s had a long-standing relationship.
“Getting the best space requires knowing the market and all the players well. Thankfully. Trackunit’s team loved the space we identified as an incredible opportunity,” says Harris. “They’re even acquiring furniture from the previous occupant because it fits the aesthetic they’re looking for.”
Trackunit will occupy two floors at the redeveloped three-storey warehouse building.
The company has adopted a hybrid work model and the downtown office will serve as a hub where employees can collaborate and innovate. The hub will also host events, like hackathons, enabling it to co-create with the surrounding community.
“There is a really limited amount of brick and beam office space in the core of London,” Harris notes. “So we were really fortunate to land them in this space. There weren’t many other opportunities that fit what they were looking for.”
It’s a great space for Trackunit, and it’s a big boost to London’s city centre regeneration efforts.
“We’ve been active proponents of downtown,” says Harris, who was assisted on the transaction by CBRE teammates Walter Raithby and Theresa Kimmerly. “And a deal like this really helps to restore confidence and renew momentum in the heart of our city.”
Stephanie Garant considers real estate to be a critical component of economic growth and social development. After several years in marketing and sales, she joined CBRE Montreal’s capital markets team in 2018.
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