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TORONTO, May 3, 2017 — Toronto Real Estate Board President Larry Cerqua announced that TREB Commercial Network Members reported a combined 348,623 leased square feet of industrial, commercial/retail and office space through TREB’s MLS® System in April 2017, on a per square foot net basis with pricing disclosed. This result was up by 15.1 per cent compared to 302,971 square feet reported leased in April 2016.
Year-over-year changes in average lease rates varied based on market segment. The average industrial lease rate was $ 6.83, up from $ 5.40 in April 2016. The average commercial retail lease rate was down by 6.7 per cent annually to $ 19.63. The average office lease rate was up by six per cent to $ 13.88. As is often the case, changes in average lease rates were due to both market conditions and a year-over-year shift in the mix of properties leased. The compositional shift was most evident in the industrial segment.
“It is certainly a positive that the amount of space leased in April was up on a year-over-year basis, and for all three major market segments. Results from an economic perspective remain mixed. The latest GDP figures suggest that important sectors surrounding goods production dipped slightly. It will be important to follow these sectors’ trajectories moving forward, as they are important relative to the demand for industrial space,” said TREB President Larry Cerqua.
There was a total of 69 industrial, commercial/retail and office sales reported through TREB’s MLS® System in April 2017, for properties with pricing disclosed. This result was up 23.2 per cent compared to April 2016.
The average selling prices were up substantially for all market segments because of a marked shift in the location and type of properties sold this year compared to last.