South Etobicoke – Territory Report – Q4 2019
In Q4 2019, the South Etobicoke Industrial and Land Markets continued to tighten and show strong activity.
Sales prices hit record highs, with smaller industrial properties under 6,000 SF selling for $400-450 PSF, and industrial-zoned land going for $2.5M to $2.75M per acre.
Leasing rates in the area continued to increase, with asking net rental rates floating between $13-$15 PSF for industrial properties of 10,000 SF and under, and $8,000-$10,000 per acre per month for industrial-zoned land.
In summary:
– Average asking prices increased to $300 PSF;
– Average price per acre increased to $2.5M;
– Industrial Vacancy rates remain low at 1.3% of a total of 29.4M SF; and
– Average asking net leasing rates increasing to $13 PSF Net for industrial properties and Net $10,000 per acre per month for industrial zoned land.
Overall, South Etobicoke will see the move towards more urban infill sites and a finite amount of land and industrial space, and rates and values will continue to increase in both the short- and long-term.
Currently, we have a number of off-market opportunities, including outside storage land ranging from 1 to 10 acres, as well as several industrial properties.
Contact us for a more detailed report on the South Etobicoke market.
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 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.
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