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Toronto Industrial Market Report Q3 2022

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research article

The GTA industrial market continues to experience the pressure of high demand and high prices.

  • The lack of available space has pushed up net rental rates, which have increased by 43.1% year-over-year.
  • Year-to-date absorption in 2022 is similar to 2020 levels, as compared to the record highs of 2021.
  • A 17% decline in the number of sale transactions suggests a slight pull-back from investors, but functional assets are still retaining their value.


Toronto Industrial Market Report Q3 2022

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Peter Garrigan

Executive Managing Director | Greater Toronto Area Brokerage

Toronto West

Peter Garrigan is the Executive Managing Director for the Greater Toronto Area Brokerage and National Industrial Brokerage Lead for Canada.

As Exectuive Managing Director, Peter is responsible for helping the growth of all practice groups including Industrial, Office, Investment, Retail and Debt across Downtown Toronto, Toronto West, Toronto North, Burlington, and Kitchener-Waterloo with their respective Managing Directors.

Peter began his real estate career at Colliers in 2004, growing his network as he took on progressive roles within the organization. As the Senior Managing Director, Industrial Practice Group, Toronto Region, Peter empowered, supported, mentored his 60+ advisors to help foster new opportunities with landlords and tenants while growing revenues +130%. He is a big advocate of the tools and integrated services at Colliers, looking at ways to bring the right people together to achieve success for clients and the business.

Peter is one of Colliers’ greatest ambassadors. He cultivates strong relationships with advisors and leaders in real estate across Canada. He has helped recruit over 150+ advisors through his leadership roles, mentored their careers, while growing the business.

On top of his 18 years of commercial real estate experience, Peter has held two-terms as President for the Society of Industrial and Office Realtors (SIOR) Central Canada Chapter and has developed strong ties to the real estate community both locally and nationally.

Peter focuses on maximizing value and minimizing risk by developing unique solutions to achieve clients’ real estate goals. His ability to create relationships with key tenants and landlords has produced many opportunities for his clients.

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Adam Jacobs

Head of Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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