Toronto Industrial Real Estate Statistics: Leases, Sales, and Projects Under Construction – Q2 2024
Here’s a quick summary of the office real estate statistical highlights, latest property transactions, vacancy / lease trends, and current market activity for Toronto. The analysis below is derived and compiled from leasing stats, latest transactions, and projects under construction in order to further understand the overall state of the office real estate market in Toronto.
Highlighted Industrial Real Estate Statistics Toronto – Q2 2024
- Vacancy: 2.5%
- Absorption: -930,003
- Asking rate PSF: $20.23
Top Industrial Real Estate Leases in Toronto – Past 12 Months
1. 9250 Airport Rd – Brampton
Tenant: Best Buy Distribution Center
Size: 544,000 SF
2. 12315 Coleraine Dr. – North GTA West
Tenant: Proactive Logistics
Size: 450,867 SF
Tenant Rep Co: Plus Realty
Leasing Rep Co: GWL Realty Advisors
3. 9200 Airport Rd – Brampton
Tenant: Best Buy Appliance Clearance Center
Size: 98,920 SF
4. 1680 Thornton Rd N – GTA East
Tenant: Lactalis Canada
Size: 379,000 SF
Tenant Rep Co: CBRE
5. 150 Biscayne Cres – Brampton
Tenant: The Clorox Company
Size: 334,784 SF
Tenant Rep Co: Cresa Toronto Inc
Industrial Real Estate Sales Statistics in Toronto – Past 12 Months
Over the last 12 months there have been 853 total office real estate transactions in Toronto with an average cap rate of 4.8%. The average price per square foot at the time of sale was $264, and the average vacancy was 3.2%.
Sales Comparables: 853
Average Cap Rate: 4.8%
Average Price/SF: $264
Average Vacancy at Sale: 3.2%
Top Industrial Real Estate Sales Transactions in Toronto – Q2 2024
Top Transaction Highlight in 2024: 255 Chrysler Dr. for $206M
1. 255 Chrysler Dr.
Price: $206,562,357
Size: 1,072,833 SF
Price/SF: $257
2. 100 Royal Group Cres
Price: $194,278,753
Size: 1,043,251 SF
Price/SF: $248
3. 9050 Airport Dr.
Price: $111,418,057
Size: 544,106 SF
Price/SF: $273
4. 2600 N Park Dr.
Price: $110,000,000
Size: 331,000 SF
Price/SF: $332
5. 9250 Airport Dr.
Price: $109,852,663
Size: 544,000 SF
Price/SF: $269
Industrial Real Estate Projects Under Construction in Toronto – Past 12 Months
At the moment there are 99 industrial assets / properties under construction in the Toronto market representing nearly 23M square feet of new space. This represents 3.0% of the total office real estate inventory and nearly 32.4% of the total space is pre-leased.
Below you’ll find stats for the top 5 largest office projects currently under development.
Properties Currently Under Construction: 99
Total Size: 23,816,381
Percent of Inventory: 3.0%
Pre-leased: 32.4%
Top Industrial Real Estate Projects Under Construction Toronto – Past 12 Months
1. Lakeridge Logistics Centre – 537 E Kingston Rd
Size: 1,200,000 SF
Completion Date: Q4 2024
Developer/Owner: Pure Industrial
2. 5232 Countryside Dr.
Size: 843,000 SF
Completion Date: Q4 2025
Developer/Owner: DREAM
3. Building F – Phase 3 – 12245 Torbram Rd
Size: 797,500 SF
Completion Date: Q1 2027
Developer/Owner: Rice Group
4. Building 3 – 11319 Derry Rd
Size: 750,000 SF
Completion Date: Q3 2024
Developer/Owner: IG Wealth Management
5. Building 2 –759 Winston Churchill Blvd
Size: 744,900 SF
Completion Date: Q3 2024
Developer/Owner: Moldenhauer Lifestyles
Data sources: The Smyth Group & CoStar
