In its Real Estate Market Research study published today, Devencore announced that the overall availability rate across the GTA’s industrial market has reached a historic low of 2.5%, down from 3.5% a year ago. As a consequence, asking gross rental rates are rising steadily, and are now at $11.57/sf, up from $10.66/sf in the same period last year.
“The space shortage in the GTA’s industrial real estate market shows no signs of easing,” said Rob Renaud, Managing Principal/Broker of Record at Devencore’s Toronto West Office. “Over 1.4 million square feet of new space has been delivered to the market this year, and another 4.9 million square feet is currently under construction, but even this amount of new space may not be enough to satisfy demand, especially for larger tenants.”
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