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Establishing True Valuations Across Differing Markets  April 25th, 2025 Another week has gone by and investors and occupiers alike remain uncertain about how the economic landscape will unfold in the coming weeks and months. A looming federal election, along with...

Establishing True Valuations Across Differing Markets  April 11th, 2025 Another week has gone by and investors and occupiers alike remain uncertain about how the economic landscape will unfold in the coming weeks and months. A looming federal election, along with...

April 4th, 2025 “There is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success than to take the lead in the introduction of a new order of things.” Niccolo Machiavelli We are undoubtedly in an economic situation unseen for...

March 28th, 2025 Not all industrial properties are created equal. Each has its own story; its unique opportunities and challenges. From its location, access, and connectivity to its deeper specifications such as clear height, door ratio, power capabilities, and bay...

March 21st, 2025 Did you know that sublease availability in the GTA industrial market has soared to 6.3 million square feet in Q4 2024? This isn’t just a statistic—it’s a sign of a market undergoing significant change. With total availability reaching a decade-high of...

March 14th, 2025 What happens when a market that’s been running hot for a decade suddenly cools? In the GTA’s industrial sector, the answer is unfolding now: rental rates are easing across the board, with a 1.2% drop in the past quarter alone—the third consecutive...

March 7th, 2025 Co-Authored with Jason Crane and Sandi Prendergast, Ryan Did you know that despite property assessments in Ontario being based on 2016 market values, the Municipal Property Assessment Corporation (MPAC) added over $5.7 billion in value to the business...

Feburary 28th, 2025 Did the GTA Industrial Market Just Hit a Breaking Point? Picture this: vacancy rates soaring to a nine-year high, demand plummeting to an 11-year low, and a flood of new supply hitting the Greater Toronto Area (GTA) all at once. It’s not just a...

Establishing True Valuations Across Differing Markets  February 21st, 2025 As we close out Q4 2024, the industrial real estate market in the Greater Toronto Area’s West markets — comprised of the submarkets within Peel and Halton Regions — continues to evolve. The...

Establishing True Valuations Across Differing Markets  February 14th, 2025 As we look back on the fourth quarter of 2024, the industrial real estate market in the Greater Toronto Area’s East markets — including Pickering, Ajax, Whitby, and Oshawa — has shown a mixed...

Establishing True Valuations Across Differing Markets  February 7th, 2024 As we reflect on the final quarter of 2024, the industrial real estate landscape in the Greater Toronto Area’s northern markets — including Vaughan, Markham, Richmond Hill, Aurora, and Newmarket...

Establishing True Valuations Across Differing Markets  January 31st, 2025 As we reflect on the fourth quarter of 2024, the industrial real estate landscape across the Central Toronto markets — including Toronto, North York, Etobicoke, and Scarborough — reveals key...

January 24th, 2025 “Our intuition about the future is linear. But the reality of information technology is exponential, and that makes a profound difference. If I take 30 steps linearly, I get to 30. If I take 30 steps exponentially, I get to a billion.” Ray Kurzweil...

January 17th, 2025 As we enter into a New Year, we find ourselves in situation that is more profound than another rotation around the Sun. Between 12 to 18 months ago, the Greater Toronto industrial market faced an inflexion point as interest rates increased quickly...

December 20th, 2024 Another year has flown by; another period with its own story, memories, adversity, and triumphs. The Greater Toronto industrial market has, too, seen its share as we emerged from a challenging business landscape. Looking forward to 2025, we can...

December 13th, 2024   “Look back over the past, with its changing empires that rose and fell, and you can foresee the future, too.” Marcus Aurelius As we wind down 2024, a number of thoughts can creep into our minds. First off - how did we get here so quickly? Next,...

December 6th, 2024 "Civilization as it is known today could not have evolved, nor can it survive, without an adequate food supply.” Norman Borlaug, American agronomist and recipient of Nobel Peace Prize There has been a shift. What was once gridlocked by indecision...

November 29th, 2024 "Civilization as it is known today could not have evolved, nor can it survive, without an adequate food supply.” Norman Borlaug, American agronomist and recipient of Nobel Peace Prize There has been a shift. What was once gridlocked by indecision...

November 22nd, 2024 "Civilization as it is known today could not have evolved, nor can it survive, without an adequate food supply.” Norman Borlaug, American agronomist and recipient of Nobel Peace Prize There has been a shift. What was once gridlocked by indecision...

Establishing True Valuations Across Differing Markets  November 15th, 2024  “The four most expensive words in the English language are, ‘This time it’s different.’” Sir John Templeton Just like every economic cycle before now, market participants have been subject to...

Establishing True Valuations Across Differing Markets  November 8th, 2024  “The four most expensive words in the English language are, ‘This time it’s different.’” Sir John Templeton Just like every economic cycle before now, market participants have been subject to...

Establishing True Valuations Across Differing Markets  November 1st, 2024 “The four most expensive words in the English language are, ‘This time it’s different.’” Sir John Templeton Just like every economic cycle before now, market participants have been subject to...

Establishing True Valuations Across Differing Markets  October 25th, 2024  “The four most expensive words in the English language are, ‘This time it’s different.’” Sir John Templeton Just like every economic cycle before now, market participants have been subject to...

October 18th, 2024 “For every action, there is an equal and opposite reaction.” Isaac Newton When riding a wave at its peak, few seldom stop to think about the next sequence of events as it inevitably comes down. This doesn’t mean that every bull run is followed by a...

October 4th, 2024 “For every action, there is an equal and opposite reaction.” Isaac Newton When riding a wave at its peak, few seldom stop to think about the next sequence of events as it inevitably comes down. This doesn’t mean that every bull run is followed by a...

September 27th, 2024 “For every action, there is an equal and opposite reaction.” Isaac Newton When riding a wave at its peak, few seldom stop to think about the next sequence of events as it inevitably comes down. This doesn’t mean that every bull run is followed by...

September 20th, 2024 “For every action, there is an equal and opposite reaction.” Isaac Newton When riding a wave at its peak, few seldom stop to think about the next sequence of events as it inevitably comes down. This doesn’t mean that every bull run is followed by...

September 13th, 2024 “For every action, there is an equal and opposite reaction.” Isaac Newton When riding a wave at its peak, few seldom stop to think about the next sequence of events as it inevitably comes down. This doesn’t mean that every bull run is followed by...

Establishing True Valuations Across Differing Markets  September 6th, 2024 "Things of this world are in so constant a flux, that nothing remains long in the same state.” John Locke Throughout the epic rise of industrial real estate - as a direct result of a boom in...

Establishing True Valuations Across Differing Markets  August 23rd, 2024  "Things of this world are in so constant a flux, that nothing remains long in the same state.” John Locke Throughout the epic rise of industrial real estate - as a direct result of a boom in...

August 16th, 2024 "Things of this world are in so constant a flux, that nothing remains long in the same state.” John Locke Throughout the epic rise of industrial real estate - as a direct result of a boom in logistics and e-commerce - we saw record-breaking rents,...

Establishing True Valuations Across Differing Markets  August 9th, 2024 "Things of this world are in so constant a flux, that nothing remains long in the same state.” John Locke Throughout the epic rise of industrial real estate - as a direct result of a boom in...

July 26th, 2024 “Deciding what not to do is as important as deciding what to do.”Steve JobsWith all of the distractions out in the world, social media, and our general daily lives - not to mention the constant bombardment of new information - it would be virtually...

July 19th, 2024 “Deciding what not to do is as important as deciding what to do.” Steve Jobs With all of the distractions out in the world, social media, and our general daily lives - not to mention the constant bombardment of new information - it would be virtually...

July 12th, 2024 “Deciding what not to do is as important as deciding what to do.” Steve Jobs With all of the distractions out in the world, social media, and our general daily lives - not to mention the constant bombardment of new information - it would be virtually...

July 5th, 2024 “Deciding what not to do is as important as deciding what to do.” Steve Jobs With all of the distractions out in the world, social media, and our general daily lives - not to mention the constant bombardment of new information - it would be virtually...

June 28th, 2024 With the coming holidays, many of us will be taking some deserved time off to recharge and relax; a brief pause at the halfway point of an extremely busy year. It will also be an opportunity to reflect, to operate at a different pace, and to strategize...

June 21st, 2024 It was only a few short years ago that industrial land across the Greater Toronto Area was outperforming every other asset class by a mile. And it wasn’t even close. Or reasonably debatable. Heck, it even gave Bitcoin a run for its proverbial virtual...

June 14th, 2024 It was only a few short years ago that industrial land across the Greater Toronto Area was outperforming every other asset class by a mile. And it wasn’t even close. Or reasonably debatable. Heck, it even gave Bitcoin a run for its proverbial virtual...

June 7th, 2024 It was only a few short years ago that industrial land across the Greater Toronto Area was outperforming every other asset class by a mile. And it wasn’t even close. Or reasonably debatable. Heck, it even gave Bitcoin a run for its proverbial virtual...

May 31st, 2024 “Location, location, location.” Unknown Although it has often been said that location is everything in real estate, the truth is that there are a lot more criteria considered when selecting the right industrial facility. Industrial tenants often want to...

Establishing True Valuations Across Differing Markets  May 17th, 2024 “Negotiation is not an act of battle; it’s a process of discovery. The goal is to uncover as much information as possible.” Chris Voss Few statements could be as true or relevant right now within...

Establishing True Valuations Across Differing Markets  May 10th, 2024 “Negotiation is not an act of battle; it’s a process of discovery. The goal is to uncover as much information as possible.” Chris Voss Few statements could be as true or relevant right now within...

Establishing True Valuations Across Differing Markets  April 26th, 2024 “Negotiation is not an act of battle; it’s a process of discovery. The goal is to uncover as much information as possible.” Chris Voss Few statements could be as true or relevant right now within...

April 12th, 2024 “Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”  Franklin D. Roosevelt As the Greater Toronto...

April 5th, 2024 “Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”  Franklin D. Roosevelt As the Greater Toronto...

March 22nd, 2024 “Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”  Franklin D. Roosevelt As the Greater Toronto...

March 8th, 2024 “Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”  Franklin D. Roosevelt As the Greater Toronto...

March 1st, 2024 Time seems to have compressed ever since we came out of the pandemic. Maybe it was simply a catalyst for change. Or perhaps we were all making up for lost time. Or within the context of industrial real estate, the emergence of e-commerce and the...

February 23rd, 2024 Time seems to have compressed ever since we came out of the pandemic. Maybe it was simply a catalyst for change. Or perhaps we were all making up for lost time. Or within the context of industrial real estate, the emergence of e-commerce and the...

February 16th, 2024 Time seems to have compressed ever since we came out of the pandemic. Maybe it was simply a catalyst for change. Or perhaps we were all making up for lost time. Or within the context of industrial real estate, the emergence of e-commerce and the...

Establishing True Valuations Across Differing Markets  February 9th, 2024   “Constraints drive innovation and force focus. Instead of trying to remove them, use them to your advantage.” 37Signals As we reflect and follow along the broad narratives surrounding the...

February 16th, 2024 Time seems to have compressed ever since we came out of the pandemic. Maybe it was simply a catalyst for change. Or perhaps we were all making up for lost time. Or within the context of industrial real estate, the emergence of e-commerce and the...

Establishing True Valuations Across Differing Markets  February 2nd, 2024 “Constraints drive innovation and force focus. Instead of trying to remove them, use them to your advantage.” 37Signals As we reflect and follow along the broad narratives surrounding the...

Establishing True Valuations Across Differing Markets  January 26th, 2024 “Constraints drive innovation and force focus. Instead of trying to remove them, use them to your advantage.” 37Signals As we reflect and follow along the broad narratives surrounding the...

Establishing True Valuations Across Differing Markets  January 19th, 2023 “Constraints drive innovation and force focus. Instead of trying to remove them, use them to your advantage.” As we reflect and follow along the broad narratives surrounding the industrial real...

January 12th, 2024 Time seems to have compressed ever since we came out of the pandemic. Maybe it was simply a catalyst for change. Or perhaps we were all making up for lost time. Or within the context of industrial real estate, the emergence of e-commerce and the...

December 15th, 2023 Each year that passes brings with it its own unique challenges and opportunities. Looking back at 2023, the industrial market - as well as the broader economic and global landscape - experienced adversity and change. Despite all of this, we are...

December 1st, 2023 No matter your thoughts on the green building initiatives being rolled out, it is almost a foregone conclusion that these practices will be implemented in the coming five to ten years. From the regulatory authorities and developers to investors and...

Establishing True Valuations Across Differing Markets  November 24th, 2023 “In the classic old business cycle, there would be a diminution in sales; it would take a little while for this information to reach corporate headquarters. And there would be an inventory...

Establishing True Valuations Across Differing Markets  November 17th, 2023 “In the classic old business cycle, there would be a diminution in sales; it would take a little while for this information to reach corporate headquarters. And there would be an inventory...

Establishing True Valuations Across Differing Markets November 10th, 2023 “In the classic old business cycle, there would be a diminution in sales; it would take a little while for this information to reach corporate headquarters. And there would be an inventory...

Establishing True Valuations Across Differing Markets  November 3rd, 2023 “In the classic old business cycle, there would be a diminution in sales; it would take a little while for this information to reach corporate headquarters. And there would be an inventory...

October 27th, 2023 The future is now. With the proliferation of new technologies such as artificial intelligence, automated warehouse management systems, and autonomous vehicles, we are experiencing first-hand many of the concepts we may have thought would never occur...

October 20th, 2023 “He, therefore, who is now against domestic manufacture, must be for reducing us either to dependence on that foreign nation, or to be clothed in skins, and to live like wild beasts in dens and caverns. I am not one of these; experience has taught...

October 13th, 2023 “He, therefore, who is now against domestic manufacture, must be for reducing us either to dependence on that foreign nation, or to be clothed in skins, and to live like wild beasts in dens and caverns. I am not one of these; experience has taught...

October 6th, 2023 Dear Reader, For this week's newsletter, we are taking some time to reflect, relax, and spend time with family. We are thankful for all of the wonderful things life provides us and for the opportunities we have to make it great. We are grateful to...

September 29th, 2023  “He, therefore, who is now against domestic manufacture, must be for reducing us either to dependence on that foreign nation, or to be clothed in skins, and to live like wild beasts in dens and caverns....

September 22nd, 2023 “He, therefore, who is now against domestic manufacture, must be for reducing us either to dependence on that foreign nation, or to be clothed in skins, and to live like wild beasts in dens and caverns. I am not one of these; experience has taught...

September 8th, 2023 “Once a new technology rolls over you, if you’re not part of the steamroller, you’re part of the road.” Stewart Brand While the above thought may serve as a cautionary tale of the costs of resistance to innovation and missed opportunities,...

August 25th, 2023 “If I had asked people what they wanted, they would have said faster horses.” Henry Ford Every so often, we see a paradigm shift occur that completely changes how an industry operates. In Henry Ford’s case, it saw the proliferation of automobiles in...

Establishing True Valuations Across Differing Markets  August 18th, 2023 When the market has been riding a wave for so many years, when the natural equilibrium has been so far out of balance, and when industrial space has become so sought-after that we see an absolute...

Establishing True Valuations Across Differing Markets  August 11th, 2023 What the industrial market wants, and what it has wanted so desperately for the last few years - is space. Tenants crave space in which to operate and to help facilitate the growth of their...

Q2 2023 Insight, Toronto-North Markets Establishing True Valuations Across Differing Markets  July 28th, 2023 Simplified models are a useful tool when studying complex systems such as a national or global economy. If you’ve ever picked up a business journal, tuned in...

Q2 2023 Insight, Toronto-Central Markets Establishing True Valuations Across Differing Markets  July 21st, 2023 “The stability we cannot find in the world, we must create in our own persons.” Nathaniel Branden Finding one’s own stillness or tranquility is often...

July 7th, 2023 “You will not find it difficult to prove that battles, campaigns, and even wars have been won or lost primarily because of logistics.”  Dwight D. Eisenhower Logistics is an interesting field. Much like industrial real estate, it was never considered...

June 16th, 2023 “You will not find it difficult to prove that battles, campaigns, and even wars have been won or lost primarily because of logistics.”  Dwight D. Eisenhower Logistics is an interesting field. Much like industrial real estate, it was never considered...

June 9th, 2023 As we enter the warm summer months, we continue to see numerous events unfold relating to the economy and the future of work. Top-of-mind for most young professionals and families remains the cost of living and whether they will keep working from home...

June 2nd, 2023 “The Renaissance took place in chaos and plague.” While nothing as dramatic took place in Hamilton, the sixth-largest city in Canada has certainly seen its ups and downs over the past hundred and twenty years. The early 20th century saw major companies...

Establishing True Valuations Across Differing Markets  May 26th, 2023 What does affordability mean to you? When looked at through one lens, it can mean the difficulty in obtaining the necessary resources to acquire or rent a thing. We hear this term often across...

Establishing True Valuations Across Differing Markets  May 12th, 2023 About a decade ago, the industrial market was a critical yet often overlooked asset class within the economy. Manufacturing, logistics, and transportation firms still provided the same services as...

Establishing True Valuations Across Differing Markets  May 5th, 2023 The first thing one learns in selling real estate is that the market doesn’t lie. You know this. It is why people ‘test the market’ when trying to establish true valuations or gauge interest from...

Q1 2023 Insight, Toronto-Central Markets Establishing True Valuations Across Differing Markets  April 28th, 2023 We continue to trod along in what may seem like the ‘Twilight Zone.’ Tuning into discussions and reading about the state of the markets, many stakeholders...

April 21st, 2023 The Greater Toronto industrial market appears to be living in its own world. Whether as a result of management or insulation, we have yet to see any persistent effects seeping through from the plethora of economic uncertainty and news around the...

April 14th, 2023 The Greater Toronto industrial market appears to be living in its own world. Whether as a result of management or insulation, we have yet to see any persistent effects seeping through from the plethora of economic uncertainty and news around the...

March 31st, 2023 The Greater Toronto industrial market appears to be living in its own world. Whether as a result of management or insulation, we have yet to see any persistent effects seeping through from the plethora of economic uncertainty and news around the...

March 24th, 2023 The Greater Toronto industrial market appears to be living in its own world. Whether as a result of management or insulation, we have yet to see any persistent effects seeping through from the plethora of economic uncertainty and news around the...

March 17th, 2023 The Greater Toronto industrial market appears to be living in its own world. Whether as a result of management or insulation, we have yet to see any persistent effects seeping through from the plethora of economic uncertainty and news around the...

Establishing True Valuations Across Differing Markets  March 10th, 2023 Should every investor buy into the Southern Ontario industrial market? And should every industrial property owner try to cash out at some of the strongest valuations we’ve ever seen (despite the...

Establishing True Valuations Across Differing Markets  March 3rd, 2023 Should every investor buy into the Southern Ontario industrial market? And should every industrial property owner try to cash out at some of the strongest valuations we’ve ever seen (despite the...

Establishing True Valuations Across Differing Markets  February 24th, 2023 Should every investor buy into the Southern Ontario industrial market? And should every industrial property owner try to cash out at some of the strongest valuations we’ve ever seen (despite...

Establishing True Valuations Across Differing Markets  February 17th, 2023 Should every investor buy into the Southern Ontario industrial market? And should every industrial property owner try to cash out at some of the strongest valuations we’ve ever seen (despite...

February 10th, 2023 Value is an interesting, if not, abstract concept. For example, there are a multitude of approaches and formulas one can use to value an asset. From the traditional income approach, to a look at recent and similar comparables, and a replacement...

February 3rd, 2023 When industry insiders network and discuss what they are seeing in the market, it is easy to get caught up in the narrative and repeat back generalized statements - because that’s what everyone believes to be true. What starts out as a simple...

January 27th, 2023 When industry insiders network and discuss what they are seeing in the market, it is easy to get caught up in the narrative and repeat back generalized statements - because that’s what everyone believes to be true. What starts out as a simple...

January 20th, 2022 Economics is an interesting field. Part art and part science, most colleges and universities consider it a ‘humanity’ rather than a science, where the former is more fluid in its interpretations, and the latter seen as generally being concrete and...

December 23rd, 2022 Another year has flown by, and as we approach the Holiday Season, many of us are beginning the process of taking account of our successes and challenges while planning for 2023. In 2022, the GTA Industrial community demonstrated its resilience and...

December 16th, 2022 “It’s on the strength of observation and reflection that one finds a way. So we must dig and delve unceasingly.” Claude Monet We all strive to move forward in our personal and professional lives. We make detailed plans. We take relentless action....

December 9th, 2022 “It’s on the strength of observation and reflection that one finds a way. So we must dig and delve unceasingly.” Claude Monet We all strive to move forward in our personal and professional lives. We make detailed plans. We take relentless action....

December 2nd, 2022 In much of the business world, times are changing. Major announcements have recently been made around downsizing and layoffs, from tech companies to manufacturers, and to the surprise of many, real estate landlords and global brokerages. We find...