Why Milton is Driving the GTA West Industrial Market
GTA West is the golden nugget of the regional industrial market, according to Colliers International’s Peter Garrigan. He tells us the submarket had absorption last quarter of 998k SF, nearly double its Q1 total, and it’s where 88% (7.8M SF) of industrial properties under construction in the GTA are located. Milton, Peter's hometown, where he took this photo—at Triovest Realty Partners' 95 Market Dr, a 400k SF spec build—is especially hot. While Mississauga and Brampton have dwindling industrial land supplies, Milton, a popular destination for logistics groups servicing e-commerce operations, is seeing strong growth.
Milton’s anticipated industrial supply increased by 2M SF in Q2. In addition to the Triovest project, Sun Life Financial is building two industrial facilities at 8470 and 8490 Wedge Way (over 1M SF total), one of which is under construction (the site's seen above). And CREIT is developing a 665k SF building at 3884 Peddie Rd, slated for 2016 delivery. But a big test lies ahead. Peter notes Lowe’s Canada recently acquired Target Canada’s 1.3M SF distribution centre in Milton, and is moving from its facility at 3333 James Snow Pkwy, leaving 635k SF for sub-lease. “That’s a huge chunk of space for Milton to see come back.”
