2019 proved to be another record year for the GMA industrial market with over 4.0 million sq. ft. absorbed, bringing the availability rate down to 2.7% from 3.6% a year ago.
Average net rental rates broke the $6.00 per sq. ft. plain for the first time ever in Q1 2019 and finished the year with an impressive year-over-year growth of 11.5%.
A total of 362,641 sq. ft. of new industrial space was delivered in Q4 2019, including two speculative projects.
E-commerce driven demand for industrial space received a significant boost with the recent announcement of Amazon entering the Lachine market.