9:36 AM Nov 14, 2022
The new SHEIN facility plans to capitalize on growing demand in Canada, with the new distribution centre allowing them to offer better service for Canadian customers. When a warehouse facility does come up for lease, particularly if it’s a good size and is close to transit routes, Cattana says you have to act quickly, as there are typically multiple groups that would be eyeing it.
With higher demand inevitably comes higher prices. In the GTA, the average lease price for both commercial and industrial space was up in Q2, according to Toronto Regional Real Estate Board. Commercial leases sat at $26.58 per sq. ft in Q2 2022, up from $20.07 one year prior. Industrial leases averaged $13.33 in Q2, up from $11.08 during the same time last year.
Cattana says he’s seen some creative new trends emerge that can add more warehouse space more quickly, like the construction of multi-storey warehouses.