Newmarket’s Harry Walker Parkway is getting a new set of industrial buildings with 27 units expected to have occupancy later this year.
Elm Developments is constructing two one-storey buildings at 455 Harry Walker Pkwy. The buildings are slated to house several industrial and business tenants, with parking lots on the property.
The project aims to fill a niche in a “rapidly growing industrial business park” in Newmarket, Elm’s director of sales and marketing Elise Lebovic said.
“Newmarket’s economy has been expanding as a result of the business services, health care and knowledge sectors,” she said. “Elm saw an opportunity to capitalize on a growing commercial sector in Newmarket by developing a multi-unit building.”
The buildings will have a total area of 57,000 square feet, with each unit between 1,900 to 3,100 square feet, according to Lebovic. The property is 3.4 acres, located on Newmarket’s industrial corridor. The tenants that will occupy the units have yet to be announced.
The town said it provided site plan approval for the property in January 2022, allowing it to go ahead. Director of planning and building services Jason Unger said the application followed their approval process and satisfied all town and external agency requirements.
“The Town of Newmarket is excited about this development as it will help to satisfy the demand from smaller entrepreneurial companies looking to grow their business in Newmarket,” Unger said. “These types of development are an important part of our strategy of providing opportunities for job creation in the near future.”
The RE/MAX Canada 2022 Commercial Real Estate Report released in May found there was strong demand for industrial spaces in the first quarter of 2022, with 11 of 12 major markets surveyed reporting “extremely tight conditions for industrial product.”
Elm said it sees the development fulfilling an area of high demand with low supply in the current market.
Prospective tenants will get plenty of benefits from the location, Lebovic said. Another retail complex is being built up the road, with a Costco proposed for the area in the future.
“For prospective tenants, there are many amenities located close by, including major highway, restaurants, retail and banks,” Lebovic said. “Owners can take advantage of a rising rental market in Newmarket and some of the lowest commercial property tax rates in the GTA.”
