This year kicked off with a shift in gears for the GTA’s industrial market. Overall vacancy inched up by 20 basis points (bps) to 1.1% on the heels of six straight quarters below the one percent mark. The uptick was due in large part to the addition of new vacancies from the older stock of less efficient buildings. While vacancy remained below one percent in some markets, rising vacancy underscored market dynamics across all four major markets. The biggest increase occurred in the GTA Central market where vacancy climbed by 40 bps to close out the quarter at a two-year high of 1.5%. This was followed by GTA East with a 30 bps increase to 0.6%, GTA West vacancy jumped by a minuscule 10 bps to 1.2%, while moving up by 20 bps in GTA North to 0.6%.
For an in-depth analysis of the major markets, hover over the map icons below.