In a ceremony Bonnie Crombie, Mayor of Mississauga, Deepak Anand, MPP, and prominent members of Canada’s Afghan community, Business Point broke ground on their new industrial condos.
The project, named 5250 Solar Drive, is 41-unit multi-use industrial condos based in Mississauga’s Airport Corporate Center. The project is expected to come live in the fall of 2020, when the city approves the building and new businesses move in.
Crombie was proud that Business Point chose Mississauga as the location of their units. “My business as the Mayor is to bring Businesses to Mississauga.” Crombie said. She is also happy that an Afghan community is thriving in Mississauga.
Anand lauded the industrial project’s outcome of supporting small and medium-sized businesses, who are being pushed out of the market by multi-national players.
“Global ecommerce companies such as Amazon and Spotify are buying up industrial units across the Greater Toronto Area and driving up prices.” James Hussaini, President at Business Point said. “We are building these units to support smaller companies who have nowhere else to base their business.”
Industrial units in Toronto are following a trend seen across all major cities in North America. With the rise of ecommerce, demand for industrial units is rising too. Without new industrial units to meet this new demand, traditional businesses that required industrial space feel stressed.
Home to the Canadian Headquarters of many global companies, including Bell, Kellogg’s, Acer, Hershey’s, Sketchers and many more, Airport Corporate Centre is a vibrant hub of corporate activities.
Business Point recently released their plans to open a brand new business park. Located on Solar Drive, just south of the Toronto Pearson International Airport, the city of Mississauga has invested in the long-term future of Airport Corporate Centre by completing 2 Mississauga Bus Rapid Transit (BRT) hubs walking distance away to help provide convenient transportation and an ideal location for logistic companies.
The city is continually making infrastructure improvements to keep up with business demand and provide businesses with the most modern and best services possible.
“Mississauga is one of the fastest growing cities in the Greater Toronto Area,” said James Hussaini, president of Business Point. “And the proximity of this project to the Pearson International Airport and major highways makes it an ideal location for both investors and business owners alike.”
He said there is a rapid growth of e-commerce in Canada and this had sparked an expansion in the country’s logistics and distribution sector. “At the same time, supply [of small industrial spaces] is constrained due to a scarcity of developable land.”
The developer offers a total of 32 industrial units. “Most of our units are 1,800 sq. ft. and we have as big as 12,000 sq feet,” said James. After research, Business Point has concluded that most small businesses are looking for units around 2,000 sq. feet. “Small units are in high demand in today’s market,” he said.
“This is the only 26 feet high ceiling industrial condo project in the area,” said the Vice President of Business Point, Ahmad Elahi.
Availability of industrial space in GTA has hit an all time low at 2.1%. Sale prices and leasing rates have grown exponentially and with an average of double digit growth over the past few years. Despite the tight market for space and high rents, companies still choose to locate their distribution facilities in the GTA for fast access to the regions of high-income consumer population.
“[The project] was launched on September 5th, at Hilton Suites in Markham,” said Neelo Ahmadi, asset manager of Business Point. “Over 70% of the units were sold on that day.”
Business Point’s asset management, Neelo Ahmadi, at the company’s Airport Corporate Centre pre-launch event on Sept 5th, 2018.
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