The way Canadians shop and how companies get products to Canadians has changed. Technology has a lot to do with it. According to the Forrester Group, Canadian online retail shopping alone generated $39.9 billion so far in 2019. That statistic climbs every year, resulting in huge demand for logistics and warehousing space which is overwhelming the industrial inventories of the GTA. Toronto is facing critically low vacancy of less than 2%, while the national industrial vacancy rate is at 3%.
Despite a steady pipeline of new projects, it’s still tough for builders to keep up and ease the crunch. The good news? Developers are getting creative by building multi-level warehouse and logistics structures. This multi-level industrial building, with full transport truck access to an upper floor, will be the first of its kind to be built in Canada and will be located in Burnaby, BC. Ontario is next. Sky space for lease, own or rent. Now that’s an innovative way to go!
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(photo: Oxford Properties/Vancouver Sun)