Cross-dock, last-mile, and high-clearance facilities for the operators who actually run them.
Modern Canadian industrial is not a single asset class. It is six asset classes: bulk distribution, last-mile, advanced manufacturing, cold-chain-adjacent, flex, and small-bay, each with distinct underwriting. We work all six.
How we work in industrial & advanced manufacturing.
The industrial cycle that began in 2018 was the largest reshaping of Canadian industrial real estate in a generation. Vacancy in Toronto reached historic lows. Hamilton, Brampton, and the GTA west corridor absorbed capital that previously would have gone to Class A office. Rents repriced twice. Then it slowed, and the slowdown is where the real underwriting starts.
Tenants today look different from tenants in 2021. Third-party logistics has matured into a stable, low-growth base. E-commerce occupiers have right-sized. The growth is in advanced manufacturing: EV battery components, semiconductors, medical device assembly, driven by reshoring policy and supply chain redundancy. These tenants want different buildings, longer leases, and more power.
Our industrial practice underwrites for what the tenant actually needs over a fifteen-year hold, not what the cap rate said last quarter. We sell less product because we say no more often. Clients who care about the difference find us.