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Toronto Industrial Market Report Q1 2023

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research article

After seven consecutive quarters of a sub-1% availability rate, the GTA has finally seen signs of increased availability and has begun to approach a more stable balance of supply and demand. Even in the face of economic uncertainty and increased industrial available space, we’ve seen a rise in both rental rates and investment sales price.

  • With the average rental rate increasing to $18.01, Q1 2023 has become the 22nd consecutive quarter to see rental rate growth in the GTA. While less extreme than previous quarters, moderate growth in rates is indicative of well-priced industrial assets.
  • Despite a drop in the number of transactions since last quarter, a $688 million increase in dollar volume of sales suggests that investment has remained somewhat steady in the face of unfavourable rates and unsteady conditions.
  • This quarter saw a significant drop in absorption as a result of more industrial space becoming available, however absorption in the GTA remains positive and has been since 2016. While less new supply came to market in Q1 2023, millions of square feet currently under construction are expected to be delivered this year.

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Toronto Industrial Market Report Q1 2023

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Pour plus d’informations, veuillez contacter:

Peter Garrigan

Managing Director, Industrial Practice Group, Toronto Region

Toronto West

Peter is committed to accelerating the success of clients by leveraging market knowledge to forge new paths in the industrial Real Estate industry and create connections between landlords and investors and landlords and tenants.  Peter focuses on maximizing value and minimizing risk by developing unique solutions to achieve clients’ real estate goals.

Peter has maximized returns and minimized risk for many large landlords by effectively targeting and securing key tenants.  His strong personable character has enabled him to develop a network of business owners/tenants within the GTA.

Peter’s 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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