Q2 2023 Toronto Industrial Market Report

The industrial market for the Greater Toronto Area continues to see vacancy rates of sub-one percent levels, while availability continues to sit at 1.5 percent, bringing the average asking rent to $18.32 per square foot.

The Bank of Canada’s recent interest rate increases have affected the sale price of industrial buildings, resulting in a decrease in the number of transactions and average selling price.

Looking ahead, we anticipate a small increase in availability as more space is slated to hit the market in 2024, which will affect availability rates and push rental rates to level off.

What does all this really mean for you, as a tenant? Download the full report to learn how the current market conditions may affect Tenants.