Toronto’s Industrial Availability Rate Increased
1 min.
Altus Group has published their official quarterly update for Toronto’s commercial real estate market in 2024. The Greater Toronto Area (GTA) experienced a 21% year-over-year (YoY) decline, with $3.8 billion in volume transacted in the first quarter of 2024.
In 2024, Toronto’s industrial availability rate increased by 0.8 percentage points to 5.1%. The market added over 6.4 million square feet of new supply, with more than half already pre-leased, and has over 28 million square feet under construction, with more than a third pre-leased
Toronto’s office market added approximately 1.5 million square feet of new office space in the first quarter, with 96% already pre-leased. Additionally, over 8.1 million square feet are under construction, with over half pre-leased.
Reference
Nhieu, J. (2024, April 17). Canadian industrial market update - Q1 2024. Altusgroup.com. https://www.altusgroup.com/insights/canadian-industrial-market-update/
Nhieu, J., & Lucier, L. (2024, May 22). Toronto commercial real estate market update - Q1 2024. Altusgroup.com. https://www.altusgroup.com/insights/toronto-commercial-real-estate-market-update/
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