The Greater Toronto Area (GTA) vacancy rate decreased by 0.64% from Q4 2012 to 5.27% in Q1 2013. Approximately 4.95 million square feet was leased in Q1, with the majority in the West (2.91 million) and North (1.17 million) markets. Across the GTA, 85.64% of available industrial space was direct and 14.36% was for sublet.
Industrial average net rents decreased by $0.02 to $5.13 per square foot (psf). Average Taxes, Maintenance and Insurance (TMI) increased by $0.14 to $3.02 in Q1 2013.
No buildings were completed over the quarter. There were 13 buildings under construction totaling (2.62 million) with 94.48% of construction in the GTA West market (2.48 million). Central (90,062 sq ft) and GTA North (54,500 sq ft).
Source : DTZ (Groupe UGL)