Toronto
Total Stock (million sq. ft.)
778.0
Vacancy Rate
1.0%
Availability Rate
1.6%
NNN Lease Rate
C$6.68
Net Absorption (million sq. ft.)
778.0
Vacancy Rate
1.0%
Availability Rate
1.6%
NNN Lease Rate
C$6.68
Net Absorption (million sq. ft.)
6.2
Metro Area Population
6.3 million
Unemployment Rate
6.1%
Annual Salary - Warehouse
C$48,506
% of Pop - Secondary Education
24.0%
% of Pop - Tertiary Education
36.8%
6.3 million
Unemployment Rate
6.1%
Annual Salary - Warehouse
C$48,506
% of Pop - Secondary Education
24.0%
% of Pop - Tertiary Education
36.8%
Airport
Lester B Pearson International
Total Cargo (millions of U.S. tons)
0.44
Seaport
Port of Toronto
TEU Volume - 2017 (millions)
1.65
Major Highways
Hwy 401, Hwy 427, Hwy 409
Number of Intermodal Rail Hubs
1
Number of Class I Rail Lines
2
What is the term of a typical lease?
5 years
How is the rent quoted?
Net annual
What is the tenant's option for termination or break?
Not typical in this market but 6 months of gross rent is the approximate standard.
Does the tenant have the option to renew? What is the length of the typical option?
Multiple 5-year options to renew is standard.
How is the rent determined at renewal?
Fair market value; sometimes not less than previous year.
What is the typical rent-free period, if any?
1 month gross + 2 months net on a 5-year term
What is the typical rent escalation?
2% per annum
Does the tenant have the right to sublet?
Yes
5 years
How is the rent quoted?
Net annual
What is the tenant's option for termination or break?
Not typical in this market but 6 months of gross rent is the approximate standard.
Does the tenant have the option to renew? What is the length of the typical option?
Multiple 5-year options to renew is standard.
How is the rent determined at renewal?
Fair market value; sometimes not less than previous year.
What is the typical rent-free period, if any?
1 month gross + 2 months net on a 5-year term
What is the typical rent escalation?
2% per annum
Does the tenant have the right to sublet?
Yes
What is the unit of measurement of a typical lease?
Per sq. ft. per year
Does the leasable area include the common area?
No
Per sq. ft. per year
Does the leasable area include the common area?
No
What is the average rent for a warehouse greater than 50K sq. ft.?
C$6.75
What is the average rent for a manufacturing facility greater than 50K sq. ft.?
C$6.25
Is there a rent review during the lease?
No
What are the average service charges (OPEX)?
C$3.00
Who is responsible for the service charges?
Tenant
What are the average taxes paid on the lease?
C$1.75 per sq. ft. per year
Who is responsible for the property taxes?
Tenant
Who is responsible for the utilities?
Tenant
Who is responsible for the fit-out costs, if any?
Tenant
What is the typical security deposit?
First and last months’ gross rent
How is car/truck parking paid?
Usually included in rent
Any other occupancy costs?
Telecom
C$6.75
What is the average rent for a manufacturing facility greater than 50K sq. ft.?
C$6.25
Is there a rent review during the lease?
No
What are the average service charges (OPEX)?
C$3.00
Who is responsible for the service charges?
Tenant
What are the average taxes paid on the lease?
C$1.75 per sq. ft. per year
Who is responsible for the property taxes?
Tenant
Who is responsible for the utilities?
Tenant
Who is responsible for the fit-out costs, if any?
Tenant
What is the typical security deposit?
First and last months’ gross rent
How is car/truck parking paid?
Usually included in rent
Any other occupancy costs?
Telecom
What are typical agency fees? Who pays them?
6% of the first year’s annual net rent, 2.5% of each year thereafter
Who is responsible for legal fees?
Each party is responsible for their own legal fees.
Any other transaction costs?
None
6% of the first year’s annual net rent, 2.5% of each year thereafter
Who is responsible for legal fees?
Each party is responsible for their own legal fees.
Any other transaction costs?
None
What is the typical land tenure?
Land leases are typically 50 years.
What is the terminology of the purchase agreement?
Agreement of Purchase & Sale
What is the average cost?
C$175 per sq. ft.
What is the agency fee and who pays?
2.0% - 2.5% for each of selling broker and listing broker - paid by seller
What is the typical LTV?
80%
What is the average borrowing rate?
4%-5%
What is the mode of payment?
Deposit on acceptance, deposit on waiver of conditions, balance on closing
What are the average transaction (closing) costs?
Land Transfer Tax at approximately 1.5% plus legal fees
Land leases are typically 50 years.
What is the terminology of the purchase agreement?
Agreement of Purchase & Sale
What is the average cost?
C$175 per sq. ft.
What is the agency fee and who pays?
2.0% - 2.5% for each of selling broker and listing broker - paid by seller
What is the typical LTV?
80%
What is the average borrowing rate?
4%-5%
What is the mode of payment?
Deposit on acceptance, deposit on waiver of conditions, balance on closing
What are the average transaction (closing) costs?
Land Transfer Tax at approximately 1.5% plus legal fees
What is the average clear ceiling height?
28'
Average number of dock doors?
1 / 10,000 sq. ft.
Typical column spacing?
52' x 40'
Average parking ratio?
1.5 / 1,000 sq. ft.
Sprinkler system?
ESFR
What is the typical power supply?
1,600 amps, 3 phase
28'
Average number of dock doors?
1 / 10,000 sq. ft.
Typical column spacing?
52' x 40'
Average parking ratio?
1.5 / 1,000 sq. ft.
Sprinkler system?
ESFR
What is the typical power supply?
1,600 amps, 3 phase
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