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Toronto Industrial Market Report Q2 2023

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research article

During Q2 2023, the market was stabilized by moderate quarter-over-quarter growth in net rents and low vacancy rates; although we saw a bump in available space, availability is still historically low. 

  • Q2 2023 saw total available space surge from approximately 8.9 million square feet to over 12 million; though this quarterly increase is the largest the GTA has experienced in years, the industrial availability rate hovers around only 1.4%.
  • After years of dramatic fluctuations in absorption, this quarter brought about 1.6 million square feet in absorption - comparable to the 2 million square foot quarterly average since 2018.
  • The GTA saw approximately 2.3 million square feet of new supply enter the market this quarter, but unlike previous quarters there will be multiple buildings available for lease.

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Toronto Industrial Market Report Q2 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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Tracy Macdonald

Senior Managing Director, Industrial | GTA

Toronto West

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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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