In the current market, available occupancy for industrial space in the Greater Toronto Area sits at 0.7%. As availability remains low, more and more opportunities could arise from off-market agreements. Colliers expects this to contribute to a continued rise in rents over the course of 2022, which is unlikely to change unless the market sees a large influx of new supply or a sudden decrease in demand.
That lack of available, listed space was something Colliers’ advisors Matt Albertine, Associate Vice President and David Colley, Senior Vice President knew could be a challenge for them and their client.
Leveraging Relationship to Imagine the Impossible
Their client, Canadian Hospital Services (CHS) established in 1967, is a privately held medical device manufacturer and specialty distributor located in Oakville, Ontario. Customers served are in the acute hospital and non-acute healthcare space in Canada and internationally. CHS was looking for a large bay industrial warehouse to scale their operations, along with a new head office component with 2022 occupancy. The search began in November 2021 with limited options listed on the market.
To respond to the challenging market conditions, the Colliers team leveraged their trusted network of contacts and deep experience in the medical vertical to find the right spaces in Oakville and Burlington for CHS. Completing the transaction within a month, they were able to secure a 188,250 SF off-market industrial opportunity located at 1213 International Boulevard with a 15,000 SF office component at 2060 Winston Park Drive, Oakville.
CHS’s additional industrial space is located approximately 15 minutes from their existing Oakville location, 2 km to Burloak Drive & QEW interchange and minutes to highways 407 and 403 in Burlington, Ontario. Offering convenient access to business connectivity throughout the Greater Toronto Area and regional transit, this property is situated in proximity to key markets throughout Southern Ontario and the U.S. border.
Using Experts to Achieve Success
Colliers presented CHS with a best-in-class service by implementing a real estate strategy that used a supply chain and warehousing consultant to customize the approach to their specific business needs, thus differentiating Colliers from the competition.
“Leveraging market specialization and the Colliers network along with its consultants were the key differentiators in this transaction,” said Matt Albertine. “Providing these additional services were essential in our clients successfully leasing over 200,000 SF of space.”
Colliers’ collection of experts allows advisors like Matt Albertine and David Colley to provide a full-service approach to fulfill their clients’ needs and surpass their expectations. Through their commitment to investing in relationships, Matt and David leveraged their network to identify the right space for CHS, even if it meant looking passed what was currently available on the market. This approach created an opportunity to negotiate directly with the landlord for a smooth transition of tenancy, in a non-bid fashion.
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