Q1 2024 Greater Toronto Area Industrial Market Report

In the first quarter of 2024, industrial market vacancy rates increased from 1.0% to 1.4%, and are projected to continue rising over the following quarters in the GTA. Availability rates also increased from 2.2% to 2.8%. We are seeing escalators over terms decreasing to the sub-4% levels now.

With vacancy rates continuing to increase, the market is in a state of change. Landlords are still unwilling to concede to changes in the market, leaving it in a state of flux. We are seeing tenants of varying sizes reaching impasses with landlords, leading to delays in transactions. With velocity decreasing, we anticipate that rental rates will fall.

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