A newly licenced tech-funding specialist bank is just the latest in Toronto’s tech-impelled commercial surge.
Silicon Valley Bank, which supports tech innovators and their investors, has been granted an OSFI license to operate in Canada. The U.S.-based company will be starting its operations in Toronto.
The bank specializes in commercial financing solutions to technology and life science organizations.
“Canada has a thriving innovation sector and we’re excited to be a catalyst for its continued growth,” bank CEO Greg Becker stated.
“The Canadian banking licence is a significant milestone in our global expansion. The growing team there is well-positioned to execute on SVB’s mission to help innovative companies and their investors be even more successful.”
Silicon Valley Bank is among the recent tech-related firms that have established themselves in Toronto – continuing a trend predicted by CBRE vice chairman Paul Morassutti, who stated that the tech industry will play a central role in ensuring commercial stability for the long haul.
Approximately 10 million square feet of office property is under development in Toronto, with 58% of the space already pre-leased and tech firms accounting for 20% of the early birds.
“In real estate, identifying areas of growth is fundamental. Increasingly, the areas of growth in Canada are all about technology and our growing knowledge economy. Technology is the catalyst, change agent and king-maker and its impact is rippling through every sector of our market,” Morassutti said late last month.
In the event of a recession, the tech industry will almost certainly be the Canadian commercial real estate segment’s bedrock, he argued.
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