Q3 2024 TORONTO INDUSTRIAL MARKET REPORT

WORKPLACE

In the third quarter of 2024, the GTA Industrial vacancy rates increased from 2.1% to 2.8%, with projections suggesting a continued rise to 3.3% by Q4.

Availability rates also moved upward, from 3.7% to 4.3%. The average net rate has declined quarter-over-quarter, now standing at $17.70 per square foot. The total inventory increased to approximately 779 million square feet, reflecting the addition of new space to the market.

As we move toward the end of the year, tenants find themselves in an advantageous position to secure favourable lease terms. Key economic indicators, such as rate cuts, rising vacancy rates, and a decline in average net rent, suggest a softening market. These conditions make it an ideal time for those looking to negotiate long-term deals.

What does all this mean for tenants? Download the full Market Report to find out.

October 31, 2024

TRANSACTION MANAGEMENT