Oakville remains focused on attracting new investment, responding to the needs of local businesses, and supporting the town’s commercial districts. Investments in facility expansions and innovation resulted in job creation and economic growth.
New company arrivals
The town welcomed several new companies across various industries, including:
Buchanan Rubber,
Collins Sales,
ProServeIT, and
Snuggle Bugz.
Company expansions and investments
Oakville also saw significant expansions, investments, and announcements from existing businesses, including:
Ford,
Dana Canada Corporation,
Olymel,
BioScript Pharmacy Solutions, and
PCL Construction.
Non-residential permit activity
Commercial permit activity
Oakville saw $64.3 million in commercial construction value, and around 560,000 sq. ft. of commercial development approved.
Industrial permit activity
Industrial development permit activity increased significantly in 2023, seeing over two million square feet of development and $175.6 million in construction value approved.
The five major industrial development projects in 2023 consisted mostly of major business parks concentrated on the west end of Oakville (Ward 1).
Industrial permit activity in 2023
Source: Town of Oakville, 2023.
Real estate market
Office real estate
Oakville’s office vacancy rate decreased from 19.6% in 2022 to 17.5% in 2023, the lowest it has been since 2019.
With the construction of five major industrial developments in the year, Oakville’s industrial vacancy rate increased in 2023, from a record low of 0.3% in 2022 to 3.1% in 2023. This alleviated some demand for space from the previous year.
Despite six months of filming being disrupted due to Writers Guild and Actors Guild strikes, the Film Office received 66 film requests and coordinated 45 film days in 2023, with a total of 28 productions being shot in Oakville.
The town supported 100 new clients throughout the year as part of the Digital Main Street program, helping local businesses adopt online technologies. Since the start of the program in 2019, over 625 clients have been served.
In early 2024, the department worked with the Mayor’s office to advocate for the continuation of the program. Despite this, the DMS program in Ontario did not receive renewed funding and the final day of the program was March 31, 2024.
Planning for the future
Economic Development Plan 2024-2029
In 2023, the town began working on a new five-year Economic Development Plan for 2024-2029 in consultation with the business community and other key stakeholders. The plan will be finalized in 2024.
This website uses cookies to enhance usability and provide you with a more personal experience. By using this website, you agree to our use of cookies as described on the Privacy & Legal page.
