Repositioning Real Estate: TAS’s Urban Industrial Strategy

Q&A with Ashley Burke, VP Asset Management at TAS

At TAS, we believe that real estate can be a powerful tool for positive change. Over the past five years, we’ve expanded our focus beyond residential development to include urban industrial properties across the GTHA. This shift has allowed us to develop a roadmap for transforming traditional warehouses into vibrant, multi-use spaces that support not only conventional industrial/warehouse tenancies but also small businesses, social enterprises, and impact-driven organizations.

We sat down with Ashley Burke, TAS’s VP, Asset Management, who has been instrumental in shaping our urban industrial strategy from the very beginning. In this Q&A, Ashley shares insights into why TAS pursued this path, the impact it’s had on our portfolio, and what the future holds for urban industrial spaces.

Q: What inspired TAS to invest in urban industrial properties?
While residential development remains at the core of what we do, investing in urban industrial properties was a natural extension of our investment and impact strategy. The sector has performed well over the last 10 years and we identified an opportunity to divert from the conventional large-bay offerings to create profitable, well-designed, sustainable spaces in urban locations where businesses can be close to both consumers and their employment base. We have noticed a shift in demand for large-bay industrial in the GTHA, while the small to mid-bay fundamentals remain strong, further encouraging these more unique, urban-focused opportunities.

Q: What are the key elements of TAS’s urban industrial strategy?
Our urban industrial strategy is built on the belief that well-positioned, thoughtfully upgraded assets can create vibrant spaces that benefit both tenants and the wider community. When we acquire an industrial asset, we look at more than just financial performance. Our value-add strategy prioritizes:

• Responding to Business Needs – We focus on creating flexible, mid-to-small bay spaces, where demand remains strong for well-thought-out, flexible layouts in hard-to-find locations—particularly those that are transit-accessible and residential adjacent.
• Sustainability – We invest in retrofits that reduce emissions and improve energy efficiency, from LED lighting to HVAC upgrades and alternative energy solutions. These enhancements not only lower environmental impact but also attract tenants who want to operate in greener buildings. In addition, repurposing aging properties is inherently more sustainable than tearing down and starting new.  
• Purpose-Driven Leasing – A portion of every building in our portfolio is allocated to social enterprises and/or non-profits at below-market rates. This supports organizations doing meaningful work while creating a dynamic mix of tenants that benefit the surrounding community. We also look at other ways of supporting impact-aligned tenants, such as favourable lease terms, in-kind payments, and making underutilized exterior space available at little to no cost.
• Placemaking for Community and Retention – Successful buildings are more than just functional—they foster connection. We prioritize communal spaces, outdoor areas, and a sense of place that makes tenants want to stay long-term. Our goal is to elevate these buildings out of the intimidating conventional ‘industrial park’ aesthetic, to something more approachable and exciting.

Q: How does TAS create long-term value in these projects?
By focusing on underutilized urban assets, we’re able to unlock potential in spaces that might otherwise be overlooked. There will always be demand for sustainable, well-located spaces that are accessible by transit and close to urban amenities. Green retrofits and social impact initiatives enhance tenant satisfaction and retention, contributing to the long-term vitality of our properties.

Q: What challenges have you faced in the past and how have you adapted your strategy?
Like any real estate strategy, our urban industrial approach hasn’t been without its challenges. The industrial market saw significant fluctuations coming out of COVID, with excess demand that was always going to be temporary. We’ve adapted by focusing on mid-to-small bay properties where demand has remained consistent. Additionally, the rising costs associated with retrofitting older buildings required us to be strategic about acquisitions and renovations, ensuring we balance upfront investments with long-term sustainability and tenant needs. Flexibility and a focus on creating value for both tenants and communities have been key to navigating these challenges.

Q: What does the future hold for TAS’s urban industrial strategy?
Repositioning real estate requires upfront investment, but the long-term benefits are clear. Well-designed, sustainable buildings not only reduce environmental impact but also create lasting value. By reinvesting in urban industrial spaces, we’re demonstrating that impact-driven real estate isn’t just possible—it’s a better way forward.

TAS will continue to seek out opportunities where real estate can serve as a tool for positive change, ensuring that our urban industrial strategy remains both dynamic and impactful.

Interested in learning more? Connect with us to explore leasing opportunities or partnership possibilities.