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Real Estate
The first 6 months of 2009 have proven to be very difficult times for all markets including the commercial/industrial real estate sector. While we may be on the path to recovery, it seems like the journey will be slow and uncertain.
Due to closures, downsizing and consolidations, there are more sublease properties on the market and hence the availability rates in almost all sectors of real estate have increased across Canada.
Many experts believe that the national availability rate in both the office and the industrial sectors will hit a high in mid 2010, with the national office vacancy rate nearing 9.8% and the industrial climbing to 8.1%.
However, Leaside is an insulated market. It is a small industrial pocket strategically located close to downtown Toronto and enjoys one of the lowest industrial availability rates in Toronto, at 2.5% (please see chart below).
Throughout 2009 there has been very little sales activity in this area due to a lack of product on the market. The two sales of note in Leaside in 2009 have both been land transactions. 85 Laird Drive, the former Winpak facility, sold again in April to First Capital Realty. The site is 8.5 acres. Also, the former Wabash Metals site of 7.6 acres located at 195-205 Wicksteed sold in March of 2009.
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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