Lease at APEX Business Park represents largest industrial lease of 2022

Edmonton, AB – Avison Young is pleased to announce Edmonton’s largest industrial lease of 2022 thus far, at 548,000 square feet (sf) in APEX Business Park. The transaction is also one of Edmonton’s top five largest-ever completed industrial leases.

To complete this market-leading transaction, Avison Young’s Thomas Ashcroft and Rob Iwaschuk represented MTE Logistix (“MTE”) as a tenant in the facility. They also collaborated with Panattoni Development Canada (“Panattoni”) and Manulife Financial (“Manulife”) as the developer/landlord.

“We were delighted to represent industry-leading MTE in this significant milestone in their growth, culminating in a partnership with Panattoni and Manulife to complete a marquee transaction,” said Thomas Ashcroft, SIOR, Principal at Avison Young. “Panattoni took a visionary leap in the greater Edmonton market, to lay a foundation for future growth – and the market proved them right.”

In an already tight industrial market, this lease was completed before the building was ready for occupancy, demonstrating not only strong appetite for space but also the strong appeal of APEX Business Park. Prominently located in northwest Edmonton, on major transportation routes, it is strategically positioned minutes from the CN Intermodal Yard.

“Closing such a sizeable deal before a facility is even built sends a strong signal that growth is coming from within the Edmonton market as well as from groups outside,” said Rob Iwaschuk, Principal, Avison Young. “As one of the last remaining large blocks of available space in the entire market, this puts added pressure on the greater Edmonton industrial sector and points to a need for further speculative developments.”

As next steps, Avison Young, Panattoni and Manulife will soon launch one of south Edmonton’s newest and most prized industrial parks, Fulton Creek Business Park, with site work, site servicing and construction commencing this summer.