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TORONTO, November 13, 2017 — Toronto Real Estate Board President Tim Syrianos announced that TREB Commercial Network Members reported 263,420 square feet of combined industrial, commercial/retail and office space leased through TREB’s MLS® System in October 2017. This result was down by 27.7 per cent compared to October 2016. Industrial lease transactions continued to account for the great majority of space leased.
Changes in average lease rates, for space transacted on a per square foot net basis with pricing disclosed, was mixed depending on market segment. The average industrial lease rate in October 2017 was $ 8.27 per square foot net – up from $ 7.02 in October 2016. The average commercial/retail lease rate remained similar on a year-over-year basis, at $ 21.55 in October 2017 versus $ 22.41 a year earlier. The average office lease rate was up to $ 17.51, compared to $ 13.81 a year earlier. It is important to note that average lease rates can change based on shifts in market conditions and changes in the mix of properties leased, in terms of type, size and location.
“TREB Members continue to be involved in a substantial number of commercial transactions on a monthly basis. Obviously, there is always some volatility on a month-to-month basis. However, from a longer term perspective, the GTA and broader Greater Golden Horseshoe remains very competitive in the North American and global contexts. While Canadian economic growth appears to have slowed in the second half of 2017, Canada is still on track to pace growth in G7 countries. This points to a solid foundation for the demand for industrial, commercial/retail and office space in the region,” said Mr. Syrianos.
Total industrial, commercial/retail and office property sales amounted to 56 in October 2017 – down from 69 sales reported for the same month in 2016. Average selling prices on a per square foot basis for transactions with pricing disclosed were up substantially for all three major market segments. However, while shifts in market conditions may have accounted for some of the average price increases, changes in the type, size and location of properties sold also influenced these increases.