Microsoft to Open New HQ in Toronto as Part of $570 Million Investment

All eyes in tech are on Toronto.

One of the best cities in the world for tech workers, Toronto is reportedly in the front-running to be the home of Amazon’s coveted HQ2 as well as being a testing ground for Google’s “smart city” blueprint.

Soon, it will also be the home of a new headquarters for tech giant Microsoft. The company will occupy 81 Bay Street, in one of two buildings that make up CIBC Square.

cibc square

Rendering of CIBC square.

Microsoft’s new HQ covers 132,000 square feet over four floors. The 49-story building in which it will be a tenant is expected to be completed in 2020. Overall, the company will invest more than $570 million in Canada over the next three years, which is expected to bring 500 new jobs in addition to 500 internships and co-op positions. Currently, Microsoft employs around 2,300 people in Canada.

“Increasingly, Canada is being recognized as a global leader in technology and the investments we are making today and into the future will help ensure Canada continues to be a hotbed of innovation,” said Microsoft Canada President Kevin Peesker in a statement.

Some of the Microsoft money will also go towards an artificial intelligence lab in Montreal as well as contributions to the company’s offices in Calgary, Montreal, Ottawa and Vancouver.

Prime Minister Justin Trudeau was obviously pleased to announce the news, adding a few symbolic words: “Leading tech companies are setting up offices across Canada, hiring Canadian talent, and investing in Canada’s enormous potential as an innovation and tech hub,” Trudeau said.

Now, about those Canadian tech wages