Real estate firm JLL says that no other market has big box construction at the same level with the GTA’s developments having 5 buildings over 500,000 square feet under construction.
The GTA has 68.4 per cent of the 8.3 million square feet of bib box construction currently underway.
"Vacancy rates for existing industrial space continues to decline across the Greater Toronto Area, which has fueled an exceptionally active speculative development market amongst local, national, and international developers. While vacancy rates for new big box distribution centres has increased due to this speculative development, we do not anticipate that newly available space will last long in the market," says Bill Bates, AVP and Co-Practice Lead, Industrial, JLL.
Meanwhile, there is no bog box construction currently in Calgary or the Greater Montreal Area.
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Large industrial real estate construction in the Greater Toronto Area has positioned the area as the logistics hub for Eastern Canada, Northeastern US, and parts of Western Canada.