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1993-03-03
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■ The chart above indicates:
- the industrial vacancy levels in North Etobicoke are
higher than the G.T.A. average;
- the existing vacancies are the result of contraction of
industry as new supply of inventory was slowing down
significantly over 1990 and 1991;
- at the present, there is more space for sale than for
rent in North Etobicoke, a further indication of
established industry leaving the study area; and
- the highest level of vacancy occurs in the Central Area
of North Etobicoke, representing the oldest established
industries with the most outdated building stock.
■ The Land Inventory remains unchanged over 1990 - 1991
with virtually no sales taking place from an offering
inventory of approximately 150 acres of serviced land.
■ Price trends show declines in all categories amounting
to a five-to-seven year low for leased space and a 30 -
40% reduction, from the 1989 high for sales. Land
value estimates are also 30 - 40% below the 1989 prices
and can be supported from sales statistics. The above
price trends are consistent with the overall G.T.A.
experience.
■ Expectations of Recovery of Market Activity in Rexdale
must be viewed in the light of two negative factors in
force, namely, the existence of an aged and outdated
building inventory (particularly in the Central Area 2)
and the high realty tax (and consequent additional
business tax component) structure in place.
■ It is expected that future demand and absorption will
by-pass North Etobicoke and will locate primarily to
the west and north for this reason.