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Average asking net rents in the Greater Toronto Area (GTA) industrial market increased to $6.82 per square foot this quarter, a 10.5 percent increase year-over-year. This was due to a low vacancy rate over the past several quarters, coupled with strong net absorption and an insufficient amount of new supply, finally catching up with the market. Will average asking net rents continue to increase? Well, many analysts thought that the purchase of PIRET REIT by Blackstone was on the belief that the GTA Industrial market is poised for significant rental rate growth. This assumption of where the market is headed, has prompted other Landlords in the market to adjust their rates accordingly upward. We’re already witnessing new construction average asking net rents over $7.00 per square foot in all the submarkets in the GTA, and Class A space trading at over $7.00 per square foot in the GTA West and North submarkets.
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