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In Q1 2014, leasing activity in the Greater Toronto Area (GTA) slightly cooled off with 1.9 million square feet of net absorption, down from 3.0 million square feet in the previous quarter. The positive net absorption contributed to a further 10 basis point decline in overall availability rate to 4.4 percent. Average asking net rental rate remained level quarter-over-quarter at $5.76 per square foot. Currently, there are 4.8 million square feet of speculative development projects in the GTA, with the majority located in the GTA West. Amidst solid economic fundamentals, the GTA industrial market is on pace for growth through 2014.
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