Strong demand in the warehousing and e-commerce sectors drove industrial space availability to a historic low of 2.7 per cent in the Greater Toronto Area late in 2017, according to a Newmark Knight Frank Devencore quarterly survey.
That’s down from 3.4 per cent in 2016’s third-quarter report.
The Q3 2017 survey, released Tuesday morning, also found the tight market is continuing to push rents higher. Across the GTA, average asking gross rents averaged $10.64 per square foot, up from $10.30 in the prior quarter.
“Large industrial spaces with modern amenities and features, including clear heights of at least 32 (feet) and the ability to handle 53-foot trailers are in extremely short supply,” said Sean Fiset, vice-president at NKF Devencore’s Toronto West office, in a statement summarizing the report. “In Mississauga and Brampton, which have the advantage of ready access to major transportation routes, this shortage is felt most strongly.”
Click Here to read more.