Net asking rental rates nudged higher in the Greater Toronto Area (GTA) industrial market as 2020 concludes. Conditions remain landlord favorable, even amidst pandemic challenges.
In what has become a familiar narrative over the last few quarters, the GTA industrial market has remained a landlord-friendly environment. Forecasts at the beginning of Q4 2020 for stricter lockdowns and increasing COVID-19 cases came to fruition as the quarter closed and the Ontario Government issued stricter lockdown measures on December 26th, further escalating to stay-athome orders extending to mid-February, as of the writing of this report. Despite fundamental slowdowns in the office and retail markets, we continue to see rising net asking rents and low vacancy in the industrial market, as essential businesses continue to operate, and the COVID-19 vaccine rollout progresses.