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Commercial Market Report

  • date 2017-07-15 |
  • by Admin |

There were a total of 6,553,240 square feet of industrial, commercial/retail and office space leased through Toronto Real Estate Board's MLS System during the second quarter of this year. This number represents a decline of 10.7 per cent from the second quarter of 2016. During the second quarter of 2016, there were 7,339,663 square feet of industrial, commercial/retail and office space leased.

The average industrial lease rate was $6.11 on a per square foot net basis. This amount represents a 10.7 per cent increase from the second quarter of 2016. The average commercial lease rate was $21.46 on a per square foot basis. The average office lease rate was $13.98 per square foot. This amount represents a decline of 8.3 per cent on a year-over-year basis.

Toronto Real Estate Board's New President Tim Syrianos stated that the Canadian and Greater Toronto Area economy appears to be doing well and the unemployment rate in the Greater Toronto Area remains low from a historic point of view.

TREB President Tim Syrianos also mentioned that some uncertainty still exists in regards to sustained growth in the level of business investment and exports which is vital to the industrial market. Sustained growth in exports and business investment will likely result sustained growth in commercial real estate transactions.

During the second quarter of this year, there were 304 combined sales of industrial, commercial/retail and office properties. There were 95 industrial property sales, 146 commercial/retail property sales and 63 office property sales. In the second quarter of 2016, there were 390 combined sales of industrial, commercial/retail and office properties reported.

Reference: Toronto Real Estate Board

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