
Milton vs Halton Hills Industrial
By Michael Law · Industrial Real Estate Broker, Lennard Commercial Realty
Compare Milton and Halton Hills industrial markets: 39M sq.ft., 11.9% vacancy—Milton for logistics/value, Halton Hills for prestige and highway access.
About Michael Law
Managing Partner and Industrial Real Estate Broker at Lennard Commercial Realty. Representing tenants and landlords across Toronto and the GTA for 15+ years.
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Read →Common Questions
What does triple net (NNN) mean in a commercial lease?
A triple net (NNN) lease means the tenant pays base rent plus three additional cost layers: property taxes, building insurance, and maintenance/operating costs. In GTA industrial real estate, virtually all leases are structured as triple net — the landlord collects a fixed net rent and passes all operating expenses through to the tenant, either as direct charges or as a proportionate share of the building's total operating costs. Understanding what is and is not included in the operating cost pool is one of the most important aspects of industrial lease negotiation.
Read →What is a tenant improvement allowance in an industrial lease?
A tenant improvement allowance (TI) is a cash contribution from the landlord to help the tenant build out or modify a leased space. In GTA industrial leases, TI allowances typically range from $5 to $25 per square foot depending on deal size, term length, and building vintage. The allowance is applied against the cost of approved work — office build-out, dock levellers, electrical upgrades, HVAC modifications — and is usually structured as a landlord reimbursement after construction completion, not a cash advance.
Read →How long is a typical GTA industrial lease term in 2026?
Typical GTA industrial lease terms in 2026 are 5-10 years, with 5-year terms standard for tenants under 50,000 SF and 7-10 year terms standard for tenants over 100,000 SF. Build-to-suit and institutional Class-A leases often run 10-15 years. Shorter sub-3-year terms exist for sublease and short-term storage situations but carry meaningful rent premiums.
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