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Industrial Instant Insights

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Catch Up Trade For Industrial


Industrial leasing has been the strongest commercial market in Canada for years, with rising rents and low availability nationwide. As rents rise, we’ve seen convergence between the most expensive industrial markets and the rest of the country. While the Greater Toronto Area used to lease at ~30% higher rates than Montreal, that margin has shrunk considerably during the pandemic, and may even reach parity in the future.

Prior to COVID there was still considerable variation in industrial lease rates, but all Colliers-tracked markets now register double-digit rents per square foot. The pace of growth has been rapid everywhere, but previously affordable markets such as Calgary have seen even larger increases. Similarly, more affordable submarkets within markets have “caught up” to the more expensive areas: for example, the eastern half of Toronto versus the historically more expensive western airport area.

Implications for tenants

  • The search for affordable space will be more challenging, as lower-priced markets have caught up on rents.
Implications for developers

  • Given the land crunch in major metropolitan areas, industrial development has spread to secondary and tertiary markets. Land prices and availability have become an issue even in smaller markets.
  • Challenges with zoning, labour availability and logistics need to be considered in smaller markets.
Toronto Industrial Asking Rent Premium Vs Montreal

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Pour plus d’informations, veuillez contacter:

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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