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.

 

In summary:

– 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. 

ABOUT LEE & ASSOCIATES

Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada.

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.

To receive guidance on any of your commercial real estate needs, please contact Kevin at 416.628.8183, email at kevinirandoust@lee-associates.com, or visit www.leetoronto.com