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.