2024 Annual Report
2024 At-a-glance
Industrial Development & Investment
Office Market Summary
2024 Trend Report
Job Growth Trends
Impact Through Innovation and Connection
Introduction
Throughout 2024, Milton’s Economic Development team has been working hard to make our community a great place for businesses to thrive and residents to access high-quality education and employment.
This year has been full of exciting changes and achievements.
- We welcomed over 2,000 post-secondary students across three new post-secondarycampus locations
- Helped local businesses expand
- Formed new partnerships with our vast resource network
- Attracted a range of new businesses and investment to Milton
Our primary growth continues to be in the Professional, Scientific, and Technical Services sector, which now makes up almost 70 per cent of our local economy. It is also Milton’s fastest growing sector.
In 2024, we have had to respond to a number of changes within our own localeconomic ecosystem. Service level reductions within Halton Region have impacted theservices that local offices are now responsible for providing. Milton Economic Development will continue to grow and invest in broadening service offerings to support this transition. In addition to the Region shutting down their Economic Development office, we have seen HalTech, our Regional Innovation Centre (RIC), merge with theHamilton-based RIC Innovation Factory, broadening our innovation landscape regionally. Through these significant ecosystem shifts, Milton’s Economic Development team was quick to respond and adapt its strategies to reflect local changes and capitalize on new opportunities for partners, minimizing service interruptions for our developers and ensuring the continued support of our local business community.
In the following report, you’ll learn about some local success stories, key projects, market trends, and highlights in 2024. From supporting local entrepreneurs to bringing in new businesses, we will continue to drive strategic projects, innovation, collaboration, and new partnerships in Milton.
Andy Scott
Senior Director, Strategic Initiatives
Town of MiltonIntroduction
2024 At-a-glance
Milton’s team worked collaboratively with both internal and external stakeholders to advocate for support and drive progress on our Secondary Plans and our development vision for key growth areas, peaking investor interest. Research and work on Milton’s Office Strategy launched, along with ongoing broker engagement activities, developer relations, and tactics to attract investment. Our activities in 2024 laid the foundation for Milton’s vision of growth, which we continue to advance through strong partnerships with land owners and developers in key growth areas.
35
35 new ICI permits issued
2.3M
New Square Feet in ICI Building Permits
148,405
Industrial Square Feet Under Contruction
$372,550,727
Investment Based on Total ICI Construction Value
118
new businesses ↑6% from 2023
77,059
total jobs ↑595 jobs from 2023
2,000+
new post-secondary students welcomed, supporting their transition and raising awareness with local employers
3 new and expanded campus locations officially opened and welcomed students
Industrial Development & Investment
28.4M sq. ft.
Industrial inventory
18.7%
Industrial vacancy rate
$17.63 per sq. ft.
Industrial Square Feet Under Contruction
$344 per sq. ft.
Investment Based on Total ICI Construction Value
Milton’s industrial sector continued to evolve in 2024, with a shift in focus from speculative building to targeted leasing and tenant-driven development. The industrial inventory expanded to 28.4 million sq. ft., reflecting the completion of several new projects, developers’ confidence due to the steady absorption of prior years, and continued market interest in Milton.
While the industrial vacancy rate rose to 18.7 per cent in the final quarter of 2024, this was largely driven by a significant number of projects and new industrial inventory hitting the market at the same time. The average net lease rate adjusted to $17.63 per sq. ft., while sale prices remained steady at $344 per sq. ft., indicating confidence in long-term market fundamentals and demand.
Milton’s strategic location near the 401 corridor, growing access to post-secondary talent, and available land options continued to attract logistics and advanced manufacturing users. Notably, the Town experienced a growing volume of inquiries for spaces under 20,000 sq. ft., highlighting a continued demand shift towards smaller, more flexible industrial formats.
As new developments in Derry Green and 401 Business Park progress, and Milton’s ability to provide serviced land remains high, the Town will continue to advocate for enhanced transit and energy infrastructure to support more intensive industrial users and support the investment attraction.
Derry Green Business Park
2024 Overview
This progress facilitated the commencement of utility servicing and development approvals for phase two. Attraction efforts for this area focused on large-scale industrial users in the logistics and advanced manufacturing sectors. As a result, Derry Green is now home to some of Milton’s largest employers:
Phase one of the Derry Green Business Park, located south of Highway 401 and east of James Snow Parkway, reached a significant milestone in 2024 with 60 per cent of land development approvals completed.
Meeting Demand for Small Bay Industrial
In 2024, ongoing advocacy efforts to secure more small bay industrial development in Milton paid off. KOLT Development advanced a small bay industrial project in the Derry Green area, helping meet a growing market need for more flexible, small-format industrial units.
With an emphasis on units under 10,000 sq. ft., the project aligned well with inquiries from light industrial users, trades, and local service-based businesses looking to expand operations within Milton.
Milton’s Economic Development team supported KOLT by facilitating business introductions, helping connect prospective buyers with the sales team. An open house held in July 2024 demonstrated clear interest in the site and reinforced the value of ensuring industrial land accommodates a range of business sizes and formats.
This project reflects an important evolution in the market: supporting the scale-up journey of smaller businesses within the local economy and ensuring a healthy mix of industrial offerings.
Office market summary
Steady growth continues
“Having our office in downtown Milton since 2016 we have thrived! From the abundance of local businesses to the close proximity of major highways we can support our condominium and commercial clients across the GTA and southern Ontario.”
CIE Property Management and Consulting
Milton’s office market demand continues to grow steadily in 2024, with continued interest in smaller, flexible office configurations. While regional office trends showed rising vacancy rates and a pivot toward remote work, Milton saw continued interest in professional services, educational, and health-related office functions.
The most notable movement occurred within mixed-use and institutional settings, including applications in the Uptown Mobility Hub area. The hub’s plan proposes 27,850 square feet of retail and working space integrated with residential development. Growth in post-secondary institutions—particularly the expanding presence of Wilfrid Laurier University and Conestoga College—also contributed to increased local demand for office space.
The Town will continue to monitor market signals to help accommodate flexible work models and hybrid teams, with a focus on ensuring office growth and development support talent retention and entrepreneurial activity across established and emerging sectors.
2024 Trend report
Non-residential Development
Source: Town of Milton Building Department & Development Finance Department, 2024
Number of permits issued
35
Square feet in ICI building permits
2.3 million sq. ft.
(2023: 3.8 million)
Total ICI construction value
$372,550,727
(2023: $407,097,227)
Percentage of Milton's total weighted assessment that are non-residential
21.40%
Milton Industrial Market
Source: CBRE Toronto Industrial Report Q4 2024
Industrial vacancy rate
18.70%
Industrial inventory sq. ft
28,455,568 (Q4 2024)
26,733,772 (Q4 2023)
23,420,442 (Q4 2022)
21,518,919 (Q4 2021)
Industrial under construction sq. ft.
148,405 (Q4 2024)
1,568,968 (Q4 2023)
3,313,152 (Q4 2022)
1,151,468 (Q4 2021)
Average net lease rate /per sq. ft.
$17.63 (Q4 2024)
$18.68 (Q4 2023)
$18.11 (Q4 2022)
$11.95 (Q4 2021)
$9.08 (Q4 2020)
Average asking sale price /per sq. ft.
$344.00 (Q4 2024)
$344.00 (Q4 2023)
$344 (Q4 2022)
$ 338.90 (Q4 2021)
$278.30 (2020)
Notable Lease Transactions
Source: CBRE Toronto Industrial Report Q4 2024
Tenant
Kimberly-Clark
Activity type
Renewal
Size (sq. ft)
514,345
Address
2994 Peddie Road
Job growth trends
Professional, Scientific, and Technical Services (PSTS)
The PSTS sector has experienced the most dramatic growth at 53.5 per cent between 2020-2024. With 5,848 current jobs, it represents Milton’s fastest-growing economic sector.
- 2020 Jobs 3,810
- 2024 Jobs 5,848
Growth Rate +53.5%
Health Innovation
The Health Innovation sector in Milton has shown strong growth increasing by 35 per cent from 2020 to 2024. With 5,039 jobs, this sector represents Milton’s continued commitment to innovation.
- 2020 Jobs 3,713
- 2024 Jobs 5,039
Growth Rate +35.7%
Transportation and Warehousing
Transportation and warehousing has grown significantly at 32.5 per cent over the four-year period. With 4,738 jobs, this sector benefits from Milton’s location and transportation infrastructure.
- 2020 Jobs 3,576
- 2024 Jobs 4,738
Growth Rate +32.5%
Advanced Manufacturing
Advanced Manufacturing is Milton’s most established sector with 6,471 jobs. While showing more modest growth at 10.3 per cent compared to other sectors, it remains a cornerstone of the local economy.
- 2020 Jobs 5,867
- 2024 Jobs 6,471
Growth Rate +10.3%
In 2024, Milton experienced significant job growth in all of its key sectors. The growth indicates new strengths in Finance and Insurance (a sub-sector of Professional, Scientific and Technical Services), and new areas of focus and opportunity for high-potential growth in the Healthcare sector.
Impact through innovation and connection
Business Innovation
Road to Net Zero 2024
Road to Net Zero 2024 was an industry-focused B2B networking event, aimed at providing expert advice on how organizations could enhance their sustainability efforts, develop profitable projects, gain knowledge of emerging technologies, and identify key trends in green infrastructure improvements that are making ‘going green’ both practical and profitable.
Over 80 senior business leaders were in attendance from the Advanced Manufacturing, Professional Services, and Clean-Tech sectors. Events like this provide unique opportunities for Milton’s Economic Development to engage with a significant portion of Milton’s largest businesses while also fostering cross-sector collaboration.
View the panel discussion to learn more about what these Milton businesses are doing: Net Zero Panelist Discussion.
To view all the event presentations and photos as well as learn more about the Net Zero 2024 event, visit: @MiltonEcDev | Linktree
Investment Attraction
Introducing Milton’s New Economic Development Brand
To support Milton’s new strategy and attraction efforts, we invested in a targeted marketing and branding plan starting in late 2023.
Creating a sub-brand that builds on Milton’s “A Place of Possibility” messaging positions the Town to play up its unique strengths and differentiate itself from its peers.
In 2024, significant efforts were dedicated to developing a comprehensive digital strategy and brand rollout. This process involved strategic decision-making, aligning digital initiatives with business objectives, and creating a cohesive, impactful brand presence across all platforms.
Connections that made a difference
Innovation Factory
Milton welcomed Innovation Factory as our Regional Innovation Centre in 2024. Early in the year Innovation Factory and Haltech Regional Innovation Centre announced their amalgamation. Equally known for helping entrepreneurs and start-ups launch, build, and scale their businesses, the two organizations combined their resources to provide greater support to the region’s innovation ecosystem.
Economic Development hosted Innovation Factory and its clients for an official launch event in November at the Mattamy Cycling Centre.
Innovation Factory will connect Milton-based companies with cutting-edge technologies, industry experts, and collaborative opportunities, positioning the Town as a hub for innovation and economic diversification.
By leveraging Innovation Factory’s expertise and resources, Milton can attract high-growth businesses, support job creation, and enhance its reputation as a forward-thinking economic centre.
The teams are working closely together to bring new programming, resources, and collaborations to Milton’s entrepreneurs in 2025.
Wilfrid Laurier University and Conestoga College
In 2024, the Town of Milton, Wilfrid Laurier University, and Conestoga College celebrated a landmark year of partnership, marked by significant investments, achievements, and milestones.
September marked the inaugural cohort of students at Laurier’s new Milton campus, fostering a close-knit academic community and laying the foundation for future growth.
Concurrently, Conestoga College expanded its presence in Milton, launching two new campuses—Park Hill Drive and Steeles Avenue— collectively accommodating over 3,000 students.
The successful establishment of these campuses underscores the strong partnership between the Town and these esteemed institutions, promising enhanced educational opportunities and economic growth for the Milton community.
Temporary Patio Program
This program had another successful year in 2024, supporting Milton’s local restaurants during a time of economic flux.
It takes strong coordination across internal departments, proactive communications, and relationship building with the business community to ensure these restaurants have what they need to leverage the program benefits. By working closely with restaurant owners, Economic Development helped make the program a success, reinforcing its role in promoting vibrancy in Milton’s neighbourhoods. The 2024 Temporary Patio Program allowed participating businesses to serve more customers, hire staff, attract increased foot traffic to the downtown, and enhance the overall dining experience during the warmer months.
