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 industrial market continues to evolve, changing dynamics bring into focus different strategies for both owners and occupiers.

Per our previous newsletters, we have seen the stabilization of industrial rents due to a cooling in inflation, as well as an uptick in vacancies. One could also say that it was a matter of time as the after-effects of the economic lockdowns, insatiable demand for logistics space, and supply chain issues worked their way through the system. In any event, we find ourselves settling in to a more predictable market for industrial values.

Meanwhile, sales volumes have fluctuated as a result of sustained, higher interest rates; albeit we have seen some enormous portfolio sales and outright acquisitions of REITs themselves. That said, on a property-by-property level, industrial sales have become more difficult due to borrowing costs. In addition, because of elevated property values, as well as the cost to construct, there may be a lingering issue of spread between what an owner wants and what a buyer would be willing to pay; further slowing down the process.

Finally, when we examine the inventory of industrial product, we notice that relatively few small- and mid-bay space opportunities exist due to their scarcity, as well as the scale of new projects. It is this specific group of industrial users which, throughout the ‘golden era’ of ‘Big Box’ warehousing, has been the most underserved. Existing options tend to be older or obsolete, while modern specs require premium rents with size minimums.

And thus, another option has become more popular, with numerous developers bringing product to market. And that is: purchasing industrial condominiums.

Although they are more expensive than a freestanding building on a per-square-foot basis, they offer ownership and the resulting benefits, while providing many modern features, such as: clear heights up to around 28 feet, loading docks, access for 53’ trailers, moderate- to high-power, and size flexibility.

With that said, for this week’s newsletter, we will revisit the topic of industrial condo developments within the GTA East submarkets of Pickering, Ajax, Whitby, and Oshawa, while taking a look at some of the major projects underway.

GTA East – Industrial Condo Projects – 2024 Update

For more details, availabilities, and pricing on any of the industrial condos discussed, please contact our team.

  1. Victoria Crossing – 1440-1450 Victoria Street East, Whitby – Ripple Developments

One of Two Buildings at Victoria Crossing – 1440-1450 Victoria Street East, Whitby. Source: Ripple Developments.

Ripple Developments has brought to market 15 industrial condos over 2 buildings located at 1440 and 1450 Victoria Street East in Whitby. The redevelopment of a previous industrial facility sees units range from 8,557 SF to 10,585 SF, totalling approximately 146,173 SF. Highlights include 28’ clear height, 2 dock-level and 1 drive-in door per unit, 200A/600V service, and access for 53’ trailers. As of writing, according to their listing website, just 3 units remain available for sale.

  1. Lakeside Business Centre – 1155 Boundary Road, Oshawa – Beedie

Lakeside Business Centre – 1155 Boundary Road, Oshawa. Source: Beedie.

Beedie has constructed and sold out its Lakeside Business Centre at 1155 Boundary Road in Oshawa. The project consists of 10 units starting at 13,649 SF and totalling 137,782 SF. Other features include 28’ clear height, 2 dock-level and one drive-in door per unit, two skylights per bay, walk-up 2nd floor, and 3-phase, 200amp at 347/600 dedicated service per unit.


If you are looking to acquire small- or -mid-bay industrial space within the GTA Core, then an industrial condo may be your best option. While there are several great offerings on or coming to the market, these assets sell quickly, and at a premium to traditional industrial facilities.

On the development or conversion side, industrial condos are attractive as they can be constructed in infill sites, proximal to the Core’s consumer and economic base. With industrial vacancies still at relative lows, and with rental rates having increased so dramatically over the past 5 years, there are many industrial users who would welcome the opportunity to own well-located space.

If you are looking to break ground and move in sometime in 2024, you will need to engage with municipalities as soon as possible and if not then it is probably already too late, however, it is never too late to begin planning and exploring.

For a confidential consultation or a complimentary opinion of value of your property please give us a call.

Until next week…

Goran Brelih and his team have been servicing Investors and Occupiers of Industrial properties in Toronto Central and Toronto North markets for the past 30 years.

Goran Brelih is an Executive Vice President for Cushman & Wakefield ULC in the Greater Toronto Area.

Over the past 30 years, he has been involved in the lease or sale of approximately 25.7 million square feet of industrial space, valued in excess of $1.6 billion dollars while averaging between 40 and 50 transactions per year and achieving the highest level of sales, from the President’s Round Table to Top Ten in GTA and the National Top Ten.

Industrial Real Estate Sales and Leasing, Investment Sales, Design-Build and Land Development

About Cushman & Wakefield ULC.
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries.

In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit

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, or visit

Connect with Me Here! – Goran Brelih’s Linkedin Profile:

Goran Brelih, SIOR

Executive Vice President, Broker
Cushman & Wakefield ULC, Brokerage.

Office: 416-756-5456
Mobile: 416-458-4264


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