May 10, 2011. The Greater Toronto Area (GTA) industrial market recorded its fourth consecutive quarter of positive absorption, with 1.3 million square feet absorbed. However, the pace of absorption has slowed down due to market fundamentals as well as the fact that the highest quality space in desirable locations has largely been exhausted. Some of the factors hindering the industrial market are the high Canadian dollar, decreased domestic demand and the Japan disaster and the potential implications to the GTA industrial market.
Hence, the average asking lease rates in the GTA are down $0.12 per sq ft over last quarter making them the lowest asking rates since year end 2008. Asking sale prices are down only about 2%, and hence are proving to be more resilient than rental rates. Leaside is considered to be in the "central" market in the chart below.
Although Leaside continues to be one of the stronger GTA markets with traditionally low vacancy rates, several large properties have or are expected to come on the market before the end of 2011. 210 Wicksteed Drive is now officially available for sale or lease (175,000 sq ft). Several other notable properties available include 2 Laird Drive (Canada Post facility), 1 William Morgan (office building for sale), 30 Commercial Road (office building for sale) and several industrial units on Esandar Drive for lease. Please see map attached for availabilities. Please visit our website at www.cbre.ca for more detailed market information, or feel free to call Carol Trattner directly at 416-495-6253.
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