Avison Young has closed Edmonton’s largest industrial lease of 2022 thus far, at 548,000 square feet in APEX Business Park. The transaction is also one of Edmonton’s top five largest-ever industrial leases in a speculative build.
Avison Young’s Thomas Ashcroft and Rob Iwaschuk represented MTE Logistix as a tenant in the facility. They also collaborated with Panattoni Development Canada and Manulife Financial as the developer/landlord.
In an already tight industrial market, this lease was completed before the building was ready for occupancy, demonstrating not only strong appetite for space but also the appeal of APEX Business Park. Prominently located in northwest Edmonton, on major transportation routes, it is minutes from the CN Intermodal Yard.
“Closing such a sizeable deal before a facility is even built sends a strong signal that growth is coming from within the Edmonton market as well as from groups outside,” said Rob Iwaschuk, principal, Avison Young. “As one of the last remaining large blocks of available space in the entire market, this puts added pressure on the greater Edmonton industrial sector and points to a need for further speculative developments.”
Avison Young, Panattoni and Manulife will soon launch the Fulton Creek Business Park in South Edmonton, with site work, site servicing and construction commencing this summer.