Real Estate
Office Space | Industrial Space
The Greater Toronto Area offers the 2nd largest concentration of industrial space after Chicago and the 4th largest concentration of office space in North America.
The GTA Real Estate Market is an above average asset performer. While Donald Trump was in Toronto to break ground for the Trump International Hotel and Tower, he described Greater Toronto as “The biggest real estate secret in North America…the most undervalued real estate in North America".
GTA real estate demand is driven by business growth, competitive interest rates and good market returns compared to securities and other global investments.
Office Space
The GTA provides a wide range of office space choice, from luxury to utility, busy city core to suburban calm. With an office vacancy rate of 12.6% and another 1.7 million square feet under construction, net absorption of office space remains positive with plenty of opportunity for both the discriminating buyer and the bargain hunter.
GTA OFFICE MARKET HIGHLIGHTS
| GTA Total |
117,017,939 |
12,269,711 |
2,512,258 |
14,781,969 |
12.63% |
$16.03 |
1,580,482 |
| Downtown Toronto |
49,282,809 |
4,854,387 |
823,503 |
5,677,890 |
11.52% |
$19.92 |
492,674 |
| Midtown Toronto |
14,165,587 |
1,515,614 |
320,112 |
1,835,726 |
12.96% |
$15.24 |
0 |
| North Yonge Corridor (North York) |
7,723,534 |
875,677 |
250,391 |
1,126,068 |
14.58% |
$16.46 |
0 |
North East
(Don Mills/DVP,
Scarborough, Markham/
Richmond Hill)
|
23,050,028 |
2,441,488 |
601,454 |
3,042,942 |
13.20% |
$12.70 |
215,000 |
GTA West
(Toronto, West Mississauga)
|
22,795,981 |
2,582,545 |
516,798 |
3,099,343 |
13.60% |
$12.98 |
406,196 |
Source: J.J. Barnicke, GTA Office Quarterly: Third Quarter Review 2004.
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Industrial Space
With growth in manufacturing running at 5.6% and manufacturers operating at their highest capacities in four years, industrial vacancy rates decreased in 2004 to 4.6%. Manufacturing sector growth is expected to increase in 2005.
GTA INDUSTRIAL MARKET HIGHLIGHTS
| GTA Total |
23,397,114 |
9,360,310 |
31,283,010 |
$5.16 |
$60.00 |
Suburban West (Burlington,
Oakville, Milton, Brampton,
Mississauga)
|
10,556,272 |
3,461,101 |
13,527,515 |
$5.66 |
$63.97 |
Metro Toronto (Etobicoke, North
York, City of York, East York,
Toronto, Scarborough)
|
7,483,237 |
4,120,551 |
10,764,692 |
$4.48 |
$58.58 |
Suburban North (Vaughan,
Richmond Hill, Aurora, New-
market, Markham)
|
3,877,632 |
1,155,181 |
4,971,813 |
$6.17 |
$64.74 |
Suburban East (Ajax, Whitby,
Pickering, Oshawa)
|
1,479,973 |
623,477 |
2,018,990 |
$4.34 |
$52.72 |
* Based on availability of industrial space for sale, lease or sublease above 8,900 sq. ft.
Source: J.J. Barnicke, GTA Industrial & Land Quarterly: Third Quarter Review 2004.
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