Toronto Industrial Broker — Michael Law
Managing Partner at Lennard Commercial Realty | CoStar Power Broker | 15+ years GTA industrial transactions
Michael Law is an industrial real estate agent and broker serving the entire Greater Toronto Area. He represents tenants, buyers, landlords and owners in the leasing and sale of warehouses, distribution centres, manufacturing buildings and industrial land from 10,000 square feet up, at Lennard Commercial Realty. 300+ transactions, $2.5B+ closed, multi-year CoStar Power Broker. Call (905) 917-2045. Based at 1 Yorkdale Road, Suite 209, Toronto.
I'm Michael Law, a Toronto industrial broker and Managing Partner at Lennard Commercial Realty. Since 2011, I've represented industrial tenants and landlords across the Greater Toronto Area on transactions ranging from 5,000 square foot multi-tenant units to over 500,000 square feet of institutional distribution space. Working as a Toronto industrial broker for over a decade, I've built deep expertise across the entire Greater Toronto Area industrial market — Toronto, North York, Etobicoke, Scarborough, Mississauga, Brampton, Vaughan, Markham, Richmond Hill, Milton, Oakville, Burlington, Caledon and the Durham corridor — covering distribution centres, warehouses, manufacturing facilities, cold storage, food-grade processing, and outside storage / contractor yards. If you're an occupier evaluating a lease or purchase, a landlord positioning a building for the market, or an investor underwriting an industrial acquisition in the GTA, this page is the starting point for understanding how I work and why clients hire me.
Tenant Representation
As a Toronto industrial broker who has represented tenants and owner-occupiers on more than 300 transactions, Michael Law approaches every search from the occupier's side of the table first. Tenant representation begins with a disciplined needs analysis — square footage, clear height, truck access, electrical capacity, dock and drive-in doors, sprinkler density, yard depth, and the expansion rights a business will need five years out. The search is then run against live GTA inventory, not just listed availabilities but off-market pockets, sublease space, and buildings nearing lease expiry, so tenants see the full competitive set before they commit. A Toronto industrial broker earns their fee in the negotiation: base rent, free rent, tenant inducement allowances, escalations, holdover, renewal options, exclusivity, and sign rights all move the effective cost of a lease by double digits. Hiring an industrial broker Toronto tenants can trust means the occupier never has to negotiate alone against a landlord's listing agent.
The objective of tenant representation is to compress occupancy cost while protecting flexibility. For a growing third-party logistics operator, that can mean a shorter term layered with expansion options; for a manufacturer sinking capital into heavy equipment, a longer term with a generous tenant improvement allowance and a capped reinstatement obligation. Because Michael Law's fiduciary duty runs to the tenant, every quote, every counter-offer, and every lease clause is reviewed against the client's interest, never the landlord's. That independence is what makes a dedicated tenant rep broker different from a listing agent working both sides of the deal.
Landlord Representation
On the landlord side, Michael Law lists and leases industrial product across Toronto and the broader GTA, from small-bay multi-tenanted complexes to large-format logistics and distribution buildings. Landlord representation begins with an accurate read of the asset: clear height, column spacing, power, dock-door count, trailer parking, and zoning. From there the strategy is pricing and positioning — the right asking net rent per square foot, the right inducement package, and the right tenant mix to protect the building's long-term value. A well-marketed industrial listing reaches the occupiers most likely to pay, not just the ones who happen to call.
To source those tenants, the landlord marketing program puts each asset in front of a curated list of active occupiers, third-party logistics operators, and manufacturers, supported by targeted digital exposure and the CoStar network. Showings are qualified before they consume the building manager's time, offers are benchmarked against comparable GTA leases, and deals are pushed to firm without leaking leverage. For multi-unit complexes, the focus is close to full occupancy with staggered expiries that protect cash flow; for single-tenant buildings, it is securing a covenant-strong tenant at market rent with escalations that track the market over the term.
Industrial Sales and Acquisitions
For owners and investors, a Toronto industrial broker becomes the project lead on the purchase or sale of industrial real estate. On the buy side, that means sourcing on- and off-market assets, underwriting the rent and the replacement cost, validating environmental and structural due diligence, and structuring offers that protect a buyer's capital. On the sell side, it means pricing to the market, preparing a marketing package that survives buyer scrutiny, running a confidential process, and protecting the deal through inspection and financing.
GTA industrial values have been driven by a structural shortage of land and strong tenant demand, so pricing a sale demands more than a cap-rate model. The right Toronto industrial broker brings actual comparable data from recent trades and a buyer list built over hundreds of transactions. Investment sales hinge on covenant, lease term remaining, and the building's replacement cost relative to its asking price; user sales hinge on how well the building serves the buyer's operation. Whether the transaction is a two-million-dollar small-bay user purchase or a sixty-million-dollar portfolio sale, the process is built to protect the client's position and close on the terms agreed.
GTA Submarkets Served
Toronto's industrial market is not one market but a connected set of submarkets, each with its own rent levels, vacancy, and tenant profile — and a Toronto industrial broker needs to know all of them. Mississauga, across Mavis, Eastgate, Western Star, Meadowvale, and the Airport Corporate Centre around Pearson, dominates for large-format logistics at the GTA's effective rent ceiling. Brampton and the Highway 427 corridor carry the highest concentration of last-mile distribution tenants. Vaughan and Concord pull demand from Highway 400 tenants and North York businesses relocating north. Markham and Scarborough are the eastern anchor, served by Highways 404 and 407.
Further out, Milton, Halton Hills, and Caledon absorb tenants priced out of the core and seeking larger footprints at lower per-square-foot economics. Ajax, Pickering, and Whitby anchor the Durham market served by Highway 401, with Burlington and Oakville anchoring the west. Each pocket answers a different occupier question, and Michael Law's coverage spans the full corridor from downtown Toronto through the 905 and into the 519, so a tenant or investor is never limited to a single submarket's inventory. Working with an industrial broker Toronto owners and tenants have relied on since 2011 means decisions are grounded in local comparable data rather than guesswork.
What an industrial broker actually does for you in Toronto
A Toronto industrial broker is the commercial real estate professional who represents either the tenant/buyer or the landlord/seller in industrial property transactions. The job is fundamentally different from residential brokerage, retail brokerage, or office brokerage — industrial deals are larger, longer-tenor, and more technically demanding. A 100,000 square foot distribution centre lease in Milton involves clear height, truck court depth, dock door ratios, ESFR sprinkler systems, electrical capacity, zoning, environmental conditions, and 7-10 year forward financial commitments running into the tens of millions of dollars. The broker's job is to make sure the client wins on every one of those dimensions.
On the tenant representation side, I work exclusively for the occupier — never the landlord on the same deal — to find space that fits the operation, negotiate the commercial terms (net rent, TMI, free rent, tenant improvement allowance, escalations, renewal options, expansion rights, termination rights, sublease and assignment language), and project-manage the build-out through to occupancy. On the landlord side, I market vacant or upcoming-vacant industrial space, qualify prospective tenants on covenant and operational fit, and run the lease negotiation to maximize the landlord's net effective rent over the term while delivering a tenant the landlord wants in the building.
The Toronto industrial market is institutional. Most Class-A product is owned by Oxford Properties, Prologis, GWL Realty Advisors, KingSett Capital, Crestpoint, Skyline, Maple Reinders, and Dream Industrial REIT — sophisticated counterparties with experienced leasing teams. Going into those negotiations without a broker who knows the playbook leaves money and operational flexibility on the table on every deal.
Submarkets and property types I cover in the GTA
My practice covers the full GTA industrial market with particular depth in:
Across the GTA (highest activity volume):
- Mississauga — the largest industrial inventory in the GTA, every product type from multi-tenant small bay to 500,000+ SF distribution; current net rents $15-19/SF depending on submarket and clear height
- Brampton — strong logistics and 3PL submarket along Highway 410 corridor, $15-17/SF for modern product
- Milton — institutional Class-A distribution park (James Snow Business Park), $16-19/SF for 36-40 foot clear product
- Vaughan — top-tier Class-A distribution and food production, $16-19/SF
- Caledon — emerging large-format submarket, more contiguous land, $14-17/SF
- Oakville and Burlington — smaller industrial profile, mixed with office/flex
Toronto core:
- North York — older industrial inventory along Steeles, Finch, Dufferin corridors, infill redevelopment opportunities
- Etobicoke — Airport-area submarket, premium for proximity to Pearson cargo
- Scarborough — large-bay and outside storage product along Markham Road and Sheppard
Property types:
- Distribution centres (50,000-1,000,000+ SF, 32-40 foot clear, ESFR sprinklered)
- Warehouses for lease (multi-tenant 5,000-50,000 SF, 18-28 foot clear)
- Manufacturing facilities (heavy power, crane-served, food-grade, cold storage)
- Truck terminals and last-mile distribution
- Outside storage / contractor yards (E1, E2, M2 zoning)
- Owner-occupied industrial sales and sale-leasebacks
- Industrial land for development and build-to-suit
When you should hire an industrial broker vs. go direct
Some tenants think they can save money by approaching landlords directly. In residential, that math sometimes works. In Toronto industrial real estate, it almost never does. Here is the honest answer to when you should and shouldn't hire a broker:
Hire a broker if:
- You are leasing or buying any space over 10,000 square feet
- Your annual industrial real estate spend is over $200,000 in net rent plus TMI
- You are signing a lease term over 3 years
- You are taking on a build-to-suit, owner-occupied purchase, or sale-leaseback
- You operate in a specialized property type (cold storage, food-grade, manufacturing, outside storage)
- The lease has any non-standard terms — expansion rights, termination rights, sublease language, options to purchase
You can probably go direct if:
- You are taking a 1-3 year storage lease under 5,000 square feet on a take-it-or-leave-it deal
- Your operation is genuinely commodity-fit for the building and you have no negotiating leverage
Tenant representation in Toronto industrial is almost always paid by the landlord through the listing commission split, not by the tenant. There is no out-of-pocket cost to the tenant for hiring a broker on the vast majority of deals. The economics for going direct are not "save the commission" — the landlord pays the commission regardless of whether you have a broker. The real question is whether you negotiate harder with a broker or without one. After 15 years and hundreds of GTA industrial deals, I can tell you with confidence the broker pays for themselves several times over on every transaction above the size threshold.
What you should expect a Toronto industrial broker to actually deliver
The minimum bar for competent tenant representation in Toronto industrial:
- Comprehensive market survey — every building that fits your spec across every submarket on your list, including off-market and pre-listing inventory that comes through broker networks
- Submarket analysis — current vacancy, availability, rent comps, demand pipeline, and 12-24 month forecast for each submarket on your shortlist
- Building tours coordinated and structured — same-day or next-day tours, with information packages prepared in advance and your operational priorities mapped against each option
- Term sheet negotiation across all major commercial terms — net rent, TMI, free rent, TI allowance, escalations, security deposit, renewal options, expansion rights, termination rights, assignment and sublease provisions, parking and trailer storage ratios
- Letter of intent execution — a binding LOI that protects your position before legal documents are drafted
- Lease document negotiation — working alongside your real estate counsel to push back on landlord-favourable boilerplate
- Build-out coordination through occupancy — managing the landlord's work, your TI work, and the operational handoff
For landlord representation:
- Marketing strategy and execution — broker network, MLS, LoopNet, social, direct outreach to active tenants in your size band
- Tenant qualification — covenant review, operational fit, leasehold improvement risk
- Multi-offer negotiation — running parallel negotiations with multiple qualified tenants to maximize net effective rent
- Lease execution and tenant onboarding
If your current broker is not doing all of the above, you should be looking for a new broker.
Credentials and recognition
- Managing Partner, Lennard Commercial Realty — the third-largest and fastest-growing commercial real estate brokerage in Canada
- CoStar Power Broker (multi-year recognition for top GTA industrial transaction volume)
- Licensed by the Real Estate Council of Ontario (RECO)
- Member of NAIOP (Commercial Real Estate Development Association) and the Toronto Real Estate Board (TREB)
- 15+ years of GTA industrial transaction experience
- Specialized expertise across every GTA industrial submarket (Mississauga, Brampton, Milton, Vaughan, Caledon)
How to engage
If you are evaluating an industrial transaction in the GTA — lease, purchase, sale-leaseback, build-to-suit, or disposition — the first conversation is always a no-cost, no-obligation 30-minute call to understand your operation, your timeline, and your decision criteria. From there, I'll either confirm that I'm the right broker for your transaction or refer you to someone better suited if your needs fall outside my practice area.
Email: mlaw@lennard.com Phone: (905) 917-2045 Office: Lennard Commercial Realty — Toronto
Michael Law
Industrial Real Estate Broker, Managing Partner
Lennard Commercial Realty · RECO #4874682
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Frequently asked questions
How much does an industrial broker charge in Toronto?
Industrial broker commissions in Toronto are paid by the landlord on lease transactions, typically calculated as a percentage of the total lease value over the initial term. The standard structure is 4-5% of the first year's net rent, 3-4% of years 2-5, and 1.5-2% of years 6-10, split between the listing broker and the tenant's broker. On purchase transactions, commissions are typically 2-4% of the purchase price, paid by the seller. Tenants and buyers almost never pay out-of-pocket broker fees in Toronto industrial real estate. The landlord pays the same commission whether the tenant brings a broker or not, so there is no economic reason for a tenant to go without representation.
What's the difference between a tenant rep and a landlord rep industrial broker?
A tenant rep (or buyer rep) broker exclusively represents the occupier — the company leasing or buying the space — and has a fiduciary duty to negotiate the best possible commercial terms for that client. A landlord rep (or listing) broker represents the building owner and works to maximize net effective rent, minimize free rent and tenant improvement allowance, and qualify the tenant on covenant. The two roles are structurally opposite. Many Toronto industrial brokers handle both, but on any given transaction you should have a broker representing only one side of the deal — never a dual agency situation where the same broker claims to represent both parties.
When should I hire an industrial broker versus contacting the landlord directly?
Hire a broker for any transaction over 10,000 square feet, any lease term over 3 years, any annual rent commitment over $200,000, or any specialized property type (cold storage, food-grade, manufacturing, build-to-suit). The landlord pays the same commission either way, so going direct doesn't save you money — it just means you negotiate without market data, comp evidence, or experience pushing back on landlord-favourable lease terms. The only situations where going direct makes economic sense are small short-term storage leases under 5,000 square feet where the deal is essentially take-it-or-leave-it.
What submarkets do you cover in Toronto?
My practice covers the full Greater Toronto Area industrial market, with primary focus across the GTA's industrial submarkets — Mississauga, Brampton, Milton, Vaughan, Caledon, Oakville, and Burlington — and the Toronto core submarkets of North York, Etobicoke, and Scarborough. I work across all industrial property types (distribution centres, warehouses, manufacturing, cold storage, outside storage, truck terminals) and all transaction types (leasing, sales, sale-leasebacks, build-to-suit, dispositions).
What size of industrial deals do you typically handle?
My practice covers industrial transactions from 5,000 square feet for multi-tenant small bay leases up to 500,000+ square feet for institutional distribution and manufacturing facilities. The sweet spot for tenant representation is 20,000-200,000 square feet, where the commercial terms are most negotiable and the value of professional representation is highest. Below 5,000 SF the deals tend to be commodity-fit and high-volume; above 500,000 SF the deals are typically negotiated team-on-team with institutional landlords.
How long does it take to find and lease industrial space in Toronto?
A typical Toronto industrial lease transaction runs 4-9 months from broker engagement to occupancy, depending on size and complexity. Small-bay multi-tenant deals (under 25,000 SF) can close in 60-90 days if the right space is available. Larger Class-A leases (50,000-200,000 SF) typically take 4-6 months including market survey, tours, LOI negotiation, lease document negotiation, and tenant improvement build-out. Build-to-suit projects run 12-24 months from site selection through occupancy. The biggest variable is tenant improvement scope — a vanilla move-in is much faster than a heavy buildout requiring electrical upgrades, racking installation, or specialized refrigeration.
What's the current state of the Toronto industrial market in 2026?
As of Q1 2026, the GTA industrial market has stabilized after the post-pandemic correction. Vacancy sits around 4.1% with availability at 5.8% — historically tight but no longer the under-1% vacancy of 2022. Average net rents are $16.36 per square foot across the GTA, with submarket variation from $14-15 in Caledon and Brampton to $17-19 in Mississauga, Vaughan, and Milton for Class-A product. Demand is led by 3PL/logistics, e-commerce fulfillment, food production, and manufacturing reshoring. Build-to-suit activity has resumed but remains below peak levels. For occupiers, 2026 is the best leasing environment since 2020 — more options, more negotiable terms, and meaningful free rent and tenant improvement allowance.
Why hire Michael Law specifically as your Toronto industrial broker?
Three reasons. First, focused practice — I work exclusively on GTA industrial real estate, not retail, office, residential, or any other product type. Every conversation, comp, and relationship in my network is industrial-specific. Second, Lennard Commercial Realty platform — Lennard is the third-largest commercial real estate brokerage in Canada and the largest independent. Lennard's institutional research, marketing infrastructure, and broker network are equal to or better than the major franchise brokerages. Third, GTA-wide specialization — my deal flow is concentrated in Mississauga, Brampton, Milton, Vaughan, and Caledon, which means I have current, granular market intelligence on every submarket and most of the active landlords in that geography. If your transaction is in the GTA industrial market, there are very few brokers with deeper current data than I have.