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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