Overview
Centennial Centre is a non-traditional, two-storey walk-up office complex comprising eight buildings on an 11-acre site strategically located adjacent to planned TTC transit infrastructure. Acquired as a value-add opportunity, Crown implemented a targeted leasing and operational strategy focused on attracting cost-conscious small-format tenants while maintaining a competitive operating cost structure. As office market conditions evolved during the pandemic, Crown expanded its asset strategy to pursue additional use diversification through entitlements, enhancing both income stability and long-term site optionality.
Strategy
Crown initially focused on increasing occupancy and rental performance by targeting sub-5,000 square foot tenants seeking functional, cost-effective space. This approach leveraged the asset’s low-rise configuration and efficient operating profile to offer a differentiated alternative to higher-cost office product. A disciplined focus on operating cost containment supported rental growth during the pandemic, contributing to a 14.5% increase in rental rates between January 2020 and May2026 and reinforcing the asset’s competitive positioning.
In parallel, Crown ensured long-term development flexibility by actively reviewing and structuring leases to incorporate demolition rights across the tenancy profile, preserving a clear path for future redevelopment.
During the pandemic, as office fundamentals weakened, Crown evaluated residential rezoning across the site in line with broader market trends. As residential conditions later softened, the strategy evolved to focus on introducing complementary uses that could enhance site utility and income diversification.
Crown worked closely with the City to expand permitted uses, securing approvals in March 2026 to allow educational tenants where previously restricted. This enabled immediate leasing activation, including a transaction with a trade school operator. Concurrently, Crown advanced approvals to permit the development and operation of a self-storage facility on the most underutilized portion of the property, optimizing land use and broadening revenue streams.
Results
Crown’s adaptive asset management approach resulted in a more diversified and resilient income profile at Centennial Centre. The introduction of educational use unlocked immediate leasing demand, with a trade school tenancy contributing to increased occupancy and asset value.
Securing permissions for a future self-storage component further expands the site’s revenue potential and improves overall land utilization, while maintaining flexibility for longer-term redevelopment.
Centennial Centre demonstrates Crown’s ability to continuously reassess and reposition an asset in response to changing market conditions, using leasing strategy, entitlement execution, and alternative uses to drive performance and preserve long-term optionality.
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