One of Canada’s largest publicly traded industrial real estate investment trusts has tapped a veteran of the group to fill a key leadership position.
Gord Wadley will become chief operating officer of Dream Industrial REIT on Jan. 1, moving over from the same role at Dream Office REIT, according to the companies. Wadley has been with Toronto-based Dream since 2011 and moved up through the ranks to his current position as COO of the office division.
Prior to joining Dream Office, Wadley represented domestic and international corporate clients on behalf of CBRE. Wadley attended Acadia University and received an MBA in real estate leadership from the University of Fredericton, New Brunswick.
Dream Industrial is a publicly traded subsidiary of Dream Unlimited Corp., which went public in 2021. Dream Industrial REIT was among a handful of buyers that emerged this year as the most active players in the Toronto market. Its most notable purchase was of an 11-property portfolio in eastern greater Toronto from Pure Industrial for $257.5 million.
“As we continue to grow our platform and portfolio, Gord’s experience and insight will be instrumental in driving efficiencies and delivering value to our shareholders, employees and customers,” Dream Industrial President and Chief Executive Alexander Sannikov said in a statement.
Canada's industrial vacancy rate continues to gradually unwind from the ultra-tight levels of the COVID-19 pandemic era. The country's national industrial vacancy rate recently rose to 4.2%, the highest level since 2017, as leasing demand for large-bay warehouses has slowed, according to CoStar data.
There is speculation the trade war with the United States may cause structural constraints for the Canadian logistics sector. However, some indicators suggest underlying stable demand for large warehouse space in Canada, according to CoStar research.
Attractive income growth prospects have been a key reason investors have shown a healthy appetite for industrial properties in recent years, according to a CoStar analysis. However, widening expectations between buyers and vendors, alongside elevated interest rates and much slower rent growth prospects, have significantly cooled down industrial sales activity.
Dream Industrial REIT is an unincorporated, open-ended real estate investment trust that operates a portfolio comprising some 340 industrial assets across 552 buildings totaling around 73 million square feet in key markets across Canada, Europe and the United States.