February 6th, 2026
Encompassing Mississauga, Brampton, Oakville, Milton, Caledon, Burlington, and Halton Hills, the GTA West markets now comprise 399.3 million square feet of inventory, representing roughly 47% of the GTA’s total 848.7 million square feet of industrial space. Activity in Q4 2025 highlighted a market that remains fundamentally resilient but increasingly selective, as elevated new supply, moderating rents, and more discerning occupiers reshaped deal dynamics
Transaction velocity stayed healthy, with 7.7 million square feet of new leasing transacted across the GTA in the quarter, keeping annual leasing at a four‑year high of 26.9 million square feet and reinforcing tenant appetite for well‑located, modern product. Within this, GTA West was again the core driver, with 23.8 million square feet of vacant space (6.0% vacancy, up from 5.8% in Q3) and 21.9 million square feet of leasing completed over 2025, underlining both the scale of the node and its role in absorbing new construction.
Across the West submarkets, Mississauga maintained its role as the largest and most active node, with 182.3 million square feet of inventory, 8.1 million square feet vacant (4.4% vacancy), and 7.4 million square feet of annual leasing, supported by strong occupier demand for airport‑proximate and highway‑oriented facilities. Brampton’s vacancy edged down to 5.3% (from 6.0%), with 6.3 million square feet of vacant space and nearly 5.9 million square feet of annual leasing, while Milton/Halton Hills and Caledon continued to carry the bulk of new development, collectively accounting for more than 1.8 million square feet of 2025 new supply in the West. Oakville and Burlington saw modest improvements in occupancy as leasing chipped away at elevated availabilities, though both markets remain sensitive to pricing and building quality.
Weighted average asking net rents in GTA West softened slightly to $17.01 per square foot in Q4 2025 (from $17.26 in Q3), with average additional rent of $3.95 per square foot, reflecting landlord response to rising vacancy and competitive pressures from new product. At the submarket level, Brampton retained the highest posted net rents at $17.30 per square foot, followed closely by Oakville at $17.07 per square foot and Milton/Halton Hills at $17.12 per square foot, while Mississauga averaged $16.98 per square foot. Sales asking prices remained heavily influenced by industrial condominium product, with GTA West’s weighted average asking sale price at $378.72 per square foot, although achieved pricing for typical freestanding assets generally sits in the low‑ to mid‑$300s per square foot depending on quality and tenancy.
Strategic infrastructure, proximity to Pearson International Airport, access to Highways 401, 403, 407, and 410, and a deep labour pool continue to underpin occupancy from e‑commerce, third‑party logistics, and advanced manufacturing tenants across the West markets. At the same time, the combination of higher vacancy in select pockets, ongoing deliveries (5.4 million square feet of new supply in GTA West in 2025), and a more cautious macro backdrop has produced a more balanced landlord‑tenant relationship, particularly in Class B and C assets and older facilities with functional obsolescence.
So without further ado, let’s examine how each of the Greater Toronto Area regions performed in Q4 2025, and where we expect the market to go moving forward.
- The overall GTA West vacancy rate increased from 5.8% to 6.0%, with 5.5% of space vacant overall across the GTA suburban markets and 0.5% of GTA West inventory offered for sale
- New supply in GTA West reached 5,424,447 square feet year‑to‑date, with a further 2,417,555 square feet under construction heading into 2026, keeping structural pressure on vacancy and rents
- GTA West recorded 1,899,964 square feet of positive absorption in Q4 and 3,196,209 square feet for the year, signaling continued tenant expansion despite the rising availability
- Brampton achieved the highest weighted asking net rental rates in Q4 2025 at $17.30 per square foot, followed by Milton/Halton Hills at $17.12 per square foot and Oakville at $17.07 per square foot, with Mississauga close behind at $16.98 per square foot.
So, if you are an Investor, Landlord, or Owner-Occupier you may be wondering…
“How much is my property really worth?”
What rental rate can I expect? How much $/PSF would I be able to get if I sold my building?
These questions are being asked all the time.
The answer to this will depend on a range of factors, including:
- the age and size of the building,
- lot size,
- ceiling height,
- office component,
- parking,
- trucking access,
- truck parking if available, etc….
This week we are covering the Toronto-West Markets
(Mississauga, Brampton, Oakville, Milton, Caledon, Burlington & Halton Hills)
Statistical Summary – GTA West Markets – Q4 2025
Properties Sold between October – December 2025, from 20,000 SF plus
8Falconer Drive, Mississauga – Source MLS
GTA West Markets (Mississauga)
Properties Leased between October 2025 – December 2025, from 20,000 SF plus
*Asking Price
560 Slate Drive, Mississauga
In Brampton in Q4 2025, 3 properties were sold (totaling 247,567 SF); 2 were investment sales and 1 was a user sale. The prices achieved were in the range of $256 PSF – $550, with an average building size of 82,522 SF and an average price of $417 PSF.
85 Inspire Road, Brampton- Source MLS
Properties Leased between October 2025 – December 2025, from 20,000 SF plus
.
40 Summerlea Road, Brampton.- Source MLS
52 Futura Drive, Caledon- Souce MLS
Properties Leased between October 2025 – December 2025, from 20,000 SF plus
8039 Fifth Line, Milton.
- Rental Rates:: Rents are now in a sustained adjustment phase, with the overall GTA average quoted net rent down to $16.57 per square foot (a 4.4% year‑over‑year decline), and GTA West’s average at $17.01 per square foot. We expect further selective softening, particularly in Class B and C assets, legacy buildings with lower clear heights, and locations facing direct competition from newly delivered projects, while best‑in‑class facilities in core nodes such as Mississauga and Brampton should remain relatively well‑supported.
- Property Values: As rental growth decelerates and, in some cases, reverses, values for income‑producing assets will increasingly depend on in‑place rents, lease term, and covenant strength rather than aggressive pro‑forma assumptions. With interest rates having come off their recent peaks but remaining above pre‑pandemic norms, we anticipate modest downward pressure on cap rates for stabilized assets and reduced land values, while user‑sale pricing should stay firm given the limited depth of the for‑sale inventory (0.4% of GTA industrial space available for sale overall).
- Development Opportunities: GTA West remains the epicentre of development activity with 2.42 million square feet under construction, accounting for nearly half of the GTA’s 5.33 million square feet of projects underway. Developers are increasingly focused on phasing, pre‑leasing, and design flexibility, as tenants seek newer product but negotiate harder on rents and incentives in light of the more balanced market conditions.
Conclusion:
So, how much is your property really worth?
What rental rate can you expect, or how much per square foot would you be able to get if you sold your building? How much can we compress cap rates to create even greater value?
The answers to these questions will depend on a variety of factors, including: the age and size of the building, lot size, ceiling height, office component, parking, trucking access, and any ability to secure or stripe truck/trailer parking, as well as the specific micro‑location within the West markets. Many of these value drivers can be quickly surfaced and quantified in a targeted assessment of your property, benchmarked against current Q4 2025 leasing and sale comparables by size, vintage, and submarket
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.
Specialties:
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 www.cushmanwakefield.com.
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.
Connect with Me Here! – Goran Brelih’s Linkedin Profile: https://ca.linkedin.com/in/goranbrelih
Goran Brelih, SIOR
Executive Vice President, Broker
Cushman & Wakefield ULC, Brokerage.
www.cushmanwakefield.com
Office: 416-756-5456
Mobile: 416-458-4264
Mail: goran.brelih@cushwake.com
Website: www.goranbrelih.com
