Leased Industrial Space On The Rise
Industrial accounted for 83% of total leased space reported by members of the Toronto Real Estate Board Commercial Network in January, according to data released today. (It's the Year of the Forklift.) Year-over-year, the amount of industrial space leased was up by almost 11%, to just over 356k. The average industrial lease rate was similar to last year—an average of $5.21/SF in January, compared to $5.31/SF a year earlier. Commercial committee chair Cynthia Lai says a continued increase in leased industrial space could indicate industrial firms are anticipating an increase in demand for their products. “The industrial segment of the market is important in the context of the southern Ontario economy, including the manufacturing sector,” she says.