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Toronto Industrial Market Report Q2 2021

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research article

GTA industrial posts record low availability rates, benchmark highs in new supply, absorption, and rental rates in the second quarter of 2021.

  • Availability rates are at their lowest percentage historically, currently standing at 0.97%. The average asking net rent increased by 7.5% quarter-over-quarter currently standing at $11.33.
  • Net absorption of 5.4 million square feet and new supply of 4.9 million square feet this quarter are the largest quarterly totals since Q4 2005.
  • Artis REIT has sold their entire GTA industrial portfolio to Pure Industrial for $750 million. The portfolio includes 28 assets totalling 2.5 million square feet.

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Toronto Industrial Market Report Q2 2021

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Peter Garrigan

Executive Managing Director | Greater Toronto Area Brokerage

Toronto West

Peter Garrigan is the Executive Managing Director for the Greater Toronto Area Brokerage and National Industrial Brokerage Lead for Canada.

As Exectuive Managing Director, Peter is responsible for helping the growth of all practice groups including Industrial, Office, Investment, Retail and Debt across Downtown Toronto, Toronto West, Toronto North, Burlington, and Kitchener-Waterloo with their respective Managing Directors.

Peter began his real estate career at Colliers in 2004, growing his network as he took on progressive roles within the organization. As the Senior Managing Director, Industrial Practice Group, Toronto Region, Peter empowered, supported, mentored his 60+ advisors to help foster new opportunities with landlords and tenants while growing revenues +130%. He is a big advocate of the tools and integrated services at Colliers, looking at ways to bring the right people together to achieve success for clients and the business.

Peter is one of Colliers’ greatest ambassadors. He cultivates strong relationships with advisors and leaders in real estate across Canada. He has helped recruit over 150+ advisors through his leadership roles, mentored their careers, while growing the business.

On top of his 18 years of commercial real estate experience, Peter has held two-terms as President for the Society of Industrial and Office Realtors (SIOR) Central Canada Chapter and has developed strong ties to the real estate community both locally and nationally.

Peter focuses on maximizing value and minimizing risk by developing unique solutions to achieve clients’ real estate goals. His ability to create relationships with key tenants and landlords has produced many opportunities for his clients.

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Roelof van Dijk

Senior Director, National Research & Analytics | Canada

Toronto Downtown

As Senior Director, Research & Analytics | Canada, Roelof leads the strategy and operation of Colliers Canada Research, delivering market intelligence initiatives that give Colliers and its clients a competitive advantage. He focuses on developing a high-performance national research team that leverages Colliers’ best-in-class market intelligence to produce relevant insights on local and national market and industry trends that inform client decisions, address market needs and support Colliers’ growth strategies.

Roelof has 15 years of experience covering the Canadian commercial real estate market. Prior to his career in commercial real estate, he also worked as a project manager and urban planning consultant for residential developers across the Greater Toronto Area.

Roelof is regularly cited in national publications, such as The Globe & Mail, CBC News, Bloomberg, Reuters, Maclean’s Magazine and the National Post, as well as in local outlets across Canada.

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