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1993-06-14
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SECTION 3: AREA OVERVIEW
PERSPECTIVE
The study area encompasses the industrially designated lands
lying north of Highway 401 and comprises 3,400 acres in area.
This represents approximately 55% of Etobicoke's industrial
land base. Notwithstanding this Industrial designation, an
examination confirms the area more closely resembles a fully
developed Suburban City than a mature industrial precinct (see
Map #1).
With over 43 million square feet of buildings, the area
supports a complex and diverse mix of uses which are vital to
Etobicoke. It has an employment base of 32,000 full time jobs
(industrial and hospitality) spread over 1,500 business
addresses.
In non-industrial components, the area supports a major
concentration of modern commercial office developments
(1,000,000 sq. ft.), over 5,800 hotel rooms, a regional
shopping centre, business and recreational amenities, a race
track, as well as substantial educational and health care
facilities.
Historic Development
The area has successfully developed over the past 30 years due
to its desirable location, proximity to the Airport and easy
access to serviced lands. Attracted by economical land and
stable employment, major heavy industries established around
the railway line. Other industries located along major
arterial roads and produced a base of major corporations with
a diverse mix of goods and materials. Essential sectors
include manufacturing, food products, automotive suppliers,
aviation electronics, warehousing and goods trans-shipment.
A secondary tier of smaller industry has developed which, in
many cases, provides goods and services to support the major
corporations.
Growth
By the peak of the economic market in 1988-89, over 95% of
lands had been developed and 95% of these supported active
businesses of all types. This period experienced the highest
employment, the greatest demand on services and generated the
highest revenues in realty and business taxes for the City.
Since that time, growth has halted and employment and taxes
have been lost in all industrial sectors.
Urbanization
As the area developed, the on-going process of urbanization
and densification in Metropolitan Toronto and new industrial
development further out in the G.T.A. has impacted the context
and potential of these lands. Greenfield development
scenarios now must be found 25 km. further from Toronto and
high taxation reflects higher standards of service and
infrastructure. In the industrial sector, the natural life-
cycling of key industries and facilities has changed the once
stable base. Redevelopment opportunities and attraction of
replacement industries are now the focus in future growth
patterns.
REAL ESTATE REVIEW
INTRODUCTION
Utilizing current and historic data, we have reviewed Real
Estate market activity from a broad perspective to determine
growth trends, current values and market activity. Analysis
of the information helped determine the issues which are
influencing the market and also provides critical information
for strategic planning decisions.
We conducted detailed reviews of specific areas to illustrate
local trends and opportunities within the study area and were
able to accurately monitor market activity over a 4-month
period.
REVIEW OF THE INDUSTRIAL MARKETS IN G.T.A. AND NORTH ETOBICOKE
Industrial vacancy trends are a window on the activity/employment
status of the manunufacturing and warehousing segments of business.
■ The following data are a clear indication of a sharp vacancy
build- up over the period of 1989 to present , in all areas of
the G.T.A. Current ly in North Etobico ke, vacancies are 6.9
million s.f. or 16.0%; with 58% being for sale, the balance
for lease.
■ At today's pace, vacanci es outstri p infill at a 2:1 ratio, as
measured over the four months (Novemb er, 1991 to March, 1992).
■ New construction is at a standst ill.
■ Land use applica tions concent rate around retail or retail
warehouse use.
CONSTRUCTION ACTIVITY
Reported in 1000's square feet
N.E. = North Etobicoke - Study Area
Available Square Footage
Nov 1988 (*1) Nov 1989 (*2) Nov 1990 (*1) Sept 1991 (*2)
GTA 42,470 44,325 70,880 86,950
ETOB 3,400 3,750 8,300 11,540
N.E. n.a. n.a. n.a. 5,890
New Sqaure Footage Construction
Nov 88 (1*) Nov 89 (*2) Nov 90 (*1) Sept 91 (*2)
GTA 32,035 30,825 14,204 5,000
ETOB 1,000 750 650 nil
N.E. n.a. 581 (*4) 54 (*4) 8.5(*4)
* Sources:
(1) . . . . . Toronto Real Estate Board Annual Survey
(2) . . . . . . . . Royal LePage Industrial Division
(3) . . . . . . . . Atlantis Real Estate Corporation
(4) . . . . . . . . .City of Etobicoke
VACANCY SUMMARY
(reported in 1000's sq ft)
■ A review of G.T.A. statistics of industrial space as of
September, 1991 (*2) and November, 1991 (*3), are as follows:
Location Inventory Available Vacancy Rate
Metro 328,130 35,445 11.0 %
West GTA 248,540 32,040 13.0 %
North GTA 112,200 16,050 14.0 %
East GTA 37,820 3,838 10.0 %
Total GTA 724,690 86,960 12.0 %
Etobicoke 97,960 11,540 12.0 %
N.E. 42,500 5,890 13.8 %
Vacancies Within North Etobicoke Study Area
(Reported in 1000's sq ft)
For Sale For Lease Total
Nov 1991 3,393,000 2,496,000 5,889,000
Mar 1992 4,088,000 2,880,000 6,947,000