Hes also considering adding a burgeoning industry to his tenant roster: medical marijuana. Its all to remain on the cutting edge of an industry thats evolving as quickly as North Americas economy. Were focused on growth in e-commerce," Gorrie, 47, said at Bloombergs Toronto office last week. I dont think enough companies worry about obsolescence. We think about it all the time." Demand for renting space in industrial buildings has skyrocketed alongside the growth in online shopping and exports in both Canada and U.S., he said. Thats pushed down availability and propelled rents on both sides of the 49th parallel. The Vancouver-based companys stock has surged 34 percent in the last 12 months to a record of C$5.91 for a market value of C$1.4 billion ($1.1 billion), the best performance in the Bloomberg Canadian REIT index for companies worth at least C$500 million. Pure Industrial owns about 21 million square feet of space across more than 170 properties in Canada and the U.S. Gorries aiming to have 40 million square feet in Canada and as much as 15 million square feet south of the border in cities including San Antonio, Charlotte, and Atlanta. The favored locations are close to airports and cities where tenants can easily access and move cargo in the so-called "last mile" of transporting goods. Big Footprint Gorrie, an engineer by training, said hes also interested in adding Amazon.com Inc.
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