The North York industrial market, consisting of approximately 73 Million SF of industrial space, is the largest industrial market in Central Toronto (also comprises of Etobicoke, York, Scarborough, East York and Toronto) which makes up a total of about 231 Million SF. Current vacancy rates in North York are at about 1.4% of the overall inventory, with average Net Rental Rates being $6.70 PSF and average Additional Rent (TMI) being $3.78 PSF. NORTH YORK STATS:
- Inventory – 72,870,000 SF
- Vacancy Rate – 1.4%
- Average Net Rent – $6.70
- Average Additional Rent – $3.78
TAKEAWAYS
- Vacancy rates are at a historically low level and look to stay that way for the foreseeable future, as growth of new supply remains limited.
- Net rental rates are increasing due to very low supply and strong demand for industrial space.
- Redevelopment of the old Eaton’s and Home Depot Distribution Centre represent one of the largest redevelopment projects in “416 area code” this year. Over 1.1 Million of new space will be delivered to the market in Q2 2019 with 550,000 SF already pre-leased to TTC.
- Properties available for sale are almost non existent and values have increased considerably. Only two properties are currently offered for sale.
- Two buildings between 50,000 sf – 100,000 sf are available for lease.
Goran Brelih and his team have been servicing Investors and Occupiers of Industrial properties in Toronto Central and Toronto North markets for the past 25 years.
For more information on GTA Industrial Real Estate Market or to discuss how they can assist you with your real estate needs please contact Goran at 416-756-5456, email at goran.brelih@cushwake.com, or visit www.goranbrelih.com
