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Toronto’s industrial real estate market remained on an upswing in the first quarter of 2017, according to the recently released Q1 2017 report by JLL Research.
According to the report, 2.5M SF of new supply was delivered to GTA’s industrial real estate market in Q1, 1.7M SF ahead of Q4 2016. There is 6.2M SF of industrial real estate under construction in the GTA.
The Q1 report also marked the 13th straight quarter of positive net absorption, at 1.5M SF. Vacancy rates remained low (2.7%) while net asking rents rose to $6.15/SF.
Compared to a year ago, owner-users are paying 30% more per square foot for industrial space, reflecting limited supply in the market. Those trends are expected to continue for the next quarter.
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