The Globe and Mail reports in its Wednesday edition that Desjardins Securities analyst Kyle Stanley has reaffirmed his "buy" recommendation and $18 unit target for Dream Industrial REIT. The Globe's David Leeder writes that analysts on average target the units at $17.31. Mr. Stanley says Dream Industrial appears poised to benefit from "robust" market fundamentals in the Greater Toronto Area. Mr. Stanley says in a note: "Dream Industrial REIT is seeing the most robust pockets of demand for the small- to mid-bay space that we toured in the north and west GTA. The smaller form factor is attractive to tenants of all sizes, it can serve as a last-mile distribution solution and there is limited new supply of smaller-footprint space. Management highlighted several recent leasing transactions on smaller bay spaces with starting rental rates of more than $20 per square foot across the GTA. Dream Industrial's average in-place rent across many of the nodes we toured ranged from $6 to $9/sf, which implies a two to four times rent lift opportunity on expiring leases. The GTA is the fifth-largest industrial market in North America. However, its 1.1-per-cent vacancy rate positions it as second-tightest, behind only Montreal."