Some of the principal underpinnings of Canada's economy experienced significant changes in 2014, with the precipitous decline of oil prices and the decline of the currency in relation to the U.S. dollar chief among them. As a result, consensus real GDP growth estimates for the country in 2015 have fallen somewhat from last year's forecasts and are now in the 1.9% to 2.2% range.
- Overall Greater Toronto Area (GTA) availability rate relatively unchanged at 4.3%
- Retail, e-commerce, distribution and warehousing businesses continue to redefine industrial landscape
- GTA West development activity continues to spur industrial market growth
- Demand for buildings with clear heights over 30 feet outstrips supply
The GTA has a total industrial building inventory of approximately 860 million square feet distributed among almost 17,000 buildings. In GTA's various submarkets, vacancy rates are currently running in the 4%-6% range. In many areas, vacancy rates are as low as we've seen them in the past decade.
NKF Devencore Toronto Industrial Market Study, Summer 2015