Q1 2022 Toronto Industrial Market Report

The Greater Toronto Area (GTA) industrial market continues to outperform all other asset classes and remains one of the hottest real estate markets in North America. Net rents continue to rise at unprecedented rates, increasing by an astonishing $2.50 quarter over quarter. The GTA industrial market has seen a 30% year-over-year increase in net asking rates, and an approximate increase of 40% since the beginning of the COVID-19 pandemic. Since the first quarter alone, industrial rents have increased by 10% and are now ranging from $13.75 to $15.00 per square foot. Asking rates in large bay, class A properties are ranging from $16.50 to $18.50 per square foot. E-commerce, Third Party Logistics (3PL) and Warehousing/Distribution continues to drive rental rate growth.

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