Brokerage aims to expand operations in North America’s fourth-largest industrial market
JLL has announced the addition of six experienced professionals to its Greater Toronto Area (GTA) industrial operations, aiming to enhance its footprint in Canada's largest industrial real estate market.
The new team members, all formerly with Lee & Associates, include Luis Almeida as executive vice president, Daniel Smith as senior vice president, Kevin Irandoust and Rodrigo Silva as associate vice presidents, Jakub Vidimlic as senior sales associate, and Kausi Vickneshwaran as transaction manager.
"The Greater Toronto Area is a key Canadian and North American industrial market for JLL's clients," JLL Canada CEO Alan MacKenzie said in a statement. "The addition of the team will significantly enhance our ability to address our clients' complex needs and deliver innovative solutions, creating a competitive advantage for them in this crucial market."
The group brings a wealth of expertise, including occupier and institutional market insights, as well as advanced analytic capabilities, JLL noted.
The Greater Toronto Area remains the country’s largest industrial market and is among the top four in North America. However, it has faced challenges recently, including three consecutive quarters of negative net absorption.
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In the third quarter of 2024, the market recorded negative net absorption of 1.2 million square feet, following negative 2.2 million square feet in the second quarter. JLL attributed this trend to an uptick in occupier contractions and new builds sitting vacant.
Vacancy rates in the GTA industrial market surged to 4.1% in the third quarter, a sharp rise from 1.6% in Q3 2023.
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