Toronto Industrial Figures Q4 2025

‒    Strengthened leasing activity helped the Greater Toronto Area (GTA) close out the year with 4.3 million sq. ft. of quarterly net absorption, though it was supported by 1.9 million sq. ft. of pre-leased new supply and 625,000 sq. ft. of sublessors opting to retain their space.

‒    The availability rate declined for the second consecutive quarter, falling an additional 10 basis points (bps) to 5.0%.

‒    Rental rates declined for the ninth consecutive quarter, decreasing 1.3% quarter-over-quarter to $16.38 per sq. ft.

‒    The GTA delivered nearly 4.3 million sq. ft. this quarter, bringing the annual total to 11.1 million sq. ft.

‒    Future deliveries are expected to decline significantly, with 7.3 million sq. ft. projected for 2026 and 7.7 million sq. ft. for 2027, which would be the lowest annual levels since 2018.