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Toronto Industrial Market Report Q3 2023

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research article

For three consecutive quarters, we have seen an increase in both the vacancy and availability rate as the GTA market is showing signs of a slight softening. Demand and market activity still remain but the transaction process has slowed down.

  • The amount of vacant space seen in Q1 2023 (3.4 million square feet) has doubled by Q3 2023, and is now the highest volume of vacant space since Q3 2017.
  • Sale price saw a jump to $347 per square foot but the amount of sales transaction has fluctuated between 5 million and 5.7 million square feet for each quarter since the beginning of 2023.
  • Despite an uptick in available space, the average net rental rate has increased to $18.57 as various inducements are offered to keep net rents strong.


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Toronto Industrial Market Report Q3 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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