North Etobicoke – Territory Report – Q4 2019
As one of the largest and most desirable Sub-Markets in the Greater Toronto Area, North Etobicoke continues to see a decline in vacancies; pushing rental rates and values up further.
Strong growth in manufacturing and warehousing employment in the GTA has driven demand for industrial properties. With the Submarket being well-situated relative to highways, intermodals, and the Airport, the expectation is that this demand will continue to increase.
A recent example is Orlando’s lease of their 225,000 SF cold-storage warehouse distribution facility; formerly occupied by WalMart’s grocery division.
– Vacancy rates have inched down further to only 1.4% available of a total of 40M SF;
– Average sales prices increasing to $143 PSF;
– Average asking leasing rates increased to $9.06 PSF Net (an increase of 14.5% over the past 12 months); and,
– Average sales price per acre increasing to $2.5M.
In conclusion, if you are looking to purchase or occupy industrial space, your best option is to begin your search well in advance and engage a market specialist. For a full report on the North Etobicoke Market, including details on any recent transactions or off-market opportunities, please contact us.
Kevin Irandoust is a Senior Associate of Lee & Associates Toronto, specializing in the acquisition, disposition, and leasing of industrial properties, as well as providing Owners and Occupiers of commercial real estate with a full range of services.
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Lee & Associates provides superior market intelligence in office, industrial, retail, investment, and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit leetoronto.com.