Can you find big city opportunity without big city prices? We think so!

Guest column by Christine Wellenreiter, CM, ICD.D

When it comes to prime real estate for commercial and industrial property, there are few places in North America with more obvious appeal than the Greater Toronto Area (known as the “GTA”, it generally refers to the City of Toronto and its neighbouring regional municipalities of Durham, Halton, Peel, and York). But how can you benefit from big city opportunity without having to cough up big money or compromise on your facility needs for a GTA location? Yes, you can. Just think outside ‘the box’ (that is, outside ‘the GTA box’!).

Toronto: It’s a big deal! 

With more than three million residents, Toronto is the 4th largest city in North America. For commerce, it’s optimally located with dense population and convenient access to major sea shipping, railroads and road transportation routes. One-quarter of Canada’s population is located within 160 km (100 mi.) of the city and approximately 150 million customers and suppliers are within a one-day’s drive from Toronto. Likewise, more than 60% of the population of the USA is within a short 90-minute flight. It’s no wonder that Toronto remains the undisputed financial centre and economic growth engine of Canada.

If you already own commercial or industrial space within the GTA, congratulations! You have a very valuable asset and post-pandemic you continue to benefit from the GTA’s truly impressive development, strong and resilient growth, and rising land and rent values. 

If you don’t yet own and/or are considering renting within the GTA area to meet your commercial or industrial space needs, you face challenging market conditions. With high demand, rising interest rates and low availability, finding a space and location that works for your business can feel like looking for a needle in a haystack. According to experts at Remax, industrial vacancy rates remain below one per cent, while availability rates were just two per cent in the first quarter of 2023. In particular, a shortage exists in immense industrial units (5,000 to 20,000 square feet) for both lease and sale. If you do find the right location within the GTA, the financials are likely a barrier as rents and land prices remain elevated.

Outside the GTA, key corridors offer strong opportunities

If you happen to fall into the latter group of not yet owning, but you still want to benefit from the GTA economic engine, all is not dire. Businesses willing to look just beyond the GTA are finding better prices and land availability.

Explore key transportation corridor communities outside of GTA

By looking to adjacent municipalities, you can locate your facility with easy access to the same key transportation and trade corridors as those located within the GTA (allowing you to meet supplier, customer and distribution needs), while still drawing on a strong local workforce population (which has also been pushed out of GTA due to rising housing costs). With Toronto as the hub, southwestern Ontario is blessed with numerous transportation and trade corridors that easily connect businesses to the rest of Canada and the US. The 401 east and west of Toronto provides direct links heading west and south through Kitchener/Waterloo, London, Windsor and the Detroit, Michigan area for US routes, and to the Ontario–Quebec border in the east, including Ottawa and Montreal. The 403 and the QEW connects Toronto with several other cities in the Hamilton and Niagara regions, including the US through Buffalo.

Make your building a lasting investment

The ability to own, rather than rent, means the business benefits from the appreciation of the land and building over time, and greater land availability means new builds and build-to suit facilities are easier to plan, design and execute on. Build-to-suit opportunities are ideal for tailoring your building investment to your specific requirements. This approach ensures that the building is designed to fit the way your business operates and is especially suited for the diverse needs of manufacturing, industrial and commercial operations.

The elephant on the road… Traffic!

Everyday, traffic delays eats away at productivity and opportunity. While it may be difficult to quantify exact figures, most estimations suggest that traffic congestion is costing Toronto billions of dollars every year in lost productivity. Moving beyond the GTA relieves some of the worst of that congestion, and can help everyone feel better that business, goods, and people are getting to where they need to be in good time.

When you’re ready, so are we

Buying landing in the surrounding areas outside of Toronto and the GTA represents a cost-effective strategy for companies to get the ideal facility for their operations with the space needed to meet today and tomorrow’s business growth and expansion needs. When you’ve found your location, contact Summit Steel Buildings to be your one source for complete building construction services. Summit Steel Buildings is your all-in-one building provider, taking accountability to ensure that every stage of building development is designed, built and operates with you and your businesses’ optimal success in mind. 

Don't hesitate to reach out to us by visiting our Contact Us page so we can discuss the best framing system for your needs and provide you with a free consultation and quote.