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After a robust 2013, the industrial investment market in the Greater Toronto Area (GTA) experienced a slower start to the first half of the year with $627 million of transactions. Average cap rate of industrial investment sales climbed to 6.8 percent, up 50bps from the record-setting low of 6.3 percent in 2013.
This year-over-year increase can be attributed to owners’ reluctance to sell their Class-A assets in 2014 and is not an indication of declining valuation or softening demand. With momentum carried over from 2013, the investor community is currently willing to purchase at historically low yields if the right opportunity – modern facility, strategic location, superior tenant covenant, long-term leases – presents itself.
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