Toronto Real Estate Board Commercial Network Members reported 439,206 square feet of combined industrial, office and commercial/retail space leased through TREB's MLS system in April 2018. This figure represents an increase of 24.3 per cent from an year earlier where there was 353,373 square feet of combined leased space reported.
Industrial space accounted for 84 per cent of space leased last month. There was 368,859 square feet of industrial space leased last month. The average industrial lease rate was $7.03 per square foot in April 2018. The average industrial lease rate was $6.83 per square feet in April 2017.
There was 27,083 square feet of commercial/retail space leased last month. The average commercial/retail space was $20.79. The average lease rate for commercial/retail space was $19.63 in April 2017.
There was 43,264 square feet of office space leased in April 2018. The average lease rate was $14.65 for office space last month. The average lease rate for office space was $24.04 in April 2017. The decline in the average office lease rate was in relation to the mix of spaces leased as opposed to underlying change in market conditions.
Toronto Real Estate Board President Tim Syrianos stated that the amount of industrial space leased is one indicator confirming a strong regional economy in the Greater Toronto Area. Business investment and hiring intentions remain strong along with a very low unemployment rate from a historic view.
Toronto Real Estate Board