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Stable rent growth, low availability rate, dwindling tenant leverage and steady pace of construction are on the horizon for the remainder of 2014 and into 2015. In the second quarter, leasing activity in the Greater Toronto Area recorded 235.0 thousand square feet of positive net absorption, bringing year-to-date absorption to 2.8 million square feet. Overall availability rate for the industrial market slightly increased by 10 basis points to 4.5 percent. Currently at $5.79 per square foot, average asking net rent has been increasing for seven straight quarters as a result of strong leasing demand and limited supply of viable options.
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