Buying a piece of industrial property means considerations above and beyond those entailed when considering a piece of residential real estate. Some important things to think about when it comes to purchasing industrial property, are tax issues, zoning, and some business basics.
Taxes
Property taxes on industrial properties are quite high, and the rates increase the deeper one gets into the business centre of a major city. As Canada’s largest metropolis, the greater Toronto area’s industrial property taxes are anywhere from double to triple the rates paid by residential property owners. Determining which piece of property in the Toronto area is right for your operation must take this cost into account.
Zoning
When it comes to industrial properties, zoning considerations are always a prime concern. The ideal property for you of course can be determined by the type of zoning category it falls under; light industrial, medium industrial, and heavy industrial are all available within Toronto city limits. Part of the City of Toronto’s zoning strategy is to keep the flow from residential to industrial constant, yet minimally interfering. Thus, Zone 1- M1 designation is given to areas that abut residential zoning areas (this is typically granted to office buildings). This designation means that the industry provided on the piece of land is restricted in the amount of emissions both air borne and in terms of noise that are produced. Heavier industrial properties are found further away from areas of residence.
Business Basics
Of course, the most important considerations when it comes to successful industrial property purchase are the same as in residential real estate: location, location, location. When considering industrial property it is imperative to focus on the service you will be providing to customers and the access they have to that service in order to be successful. Fortunately, Toronto has ideal spots for many different industries. As the largest city in Canada it enjoys a huge population base and is also frequently accessed by the huge population in the entire Quebec City-Windsor corridor, as well as by businesses in the United States. Its location along Lake Ontario has always meant easy transport of goods over major waterways, a strength that is still utilized by industry today. Major highways and airports around the city mean that most businesses are likely to find the property that will perfectly suit their needs and any questions of accessibility.
Industrial property is business property, and it is important to make business considerations paramount when it comes to industrial property in Toronto. Knowing the local situation when it comes to taxes, zoning, and business concerns will mean that the perfect piece of property does not turn into an empty lot.
For more information on this article or on
industrial space Toronto, visit GTACommercialRealEstate.com.
