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TORONTO, December 5, 2017 — Toronto Real Estate Board President Tim Syrianos announced that TREB Commercial Network Members reported over 378,000 square feet of combined industrial, commercial/retail and office space leased through TREB’s MLS® System in November 2017. This result was up by almost 30 per cent compared to November 2016.
Over 70 per cent of leased space was accounted for by the industrial market segment, followed by the commercial/retail and office market segments respectively.
Average lease rates for properties transacted on a per square foot net basis with pricing disclosed were up for all three major market segments. Market conditions are one factor influencing changes in lease rates. Another factor is the change in the type, size and location of lease transactions over time. Both of these factors likely played into the year-over-year lease rate increases.
“It was positive news that the amount of space leased in November was up compared to last year. However, it is important to point out that we do see volatility in the number and size of transactions from month to month. Over the longer term, demand for commercial space is driven by the prospects for economic growth. Right now the Canadian economy, and southern Ontario therein, is performing very well from a global perspective. It makes sense that we would see strong demand for commercial space moving forward, both from existing firms in the GTA and firms who are looking to locate in our diverse economic region,” said Mr. Syrianos.
Total industrial, commercial/retail and office sales reported through TREB’s MLS® System amounted to 50 – down from 55 reported in November 2016. The mix of sale transactions for the industrial and office segments changed notably between November 2016 and November 2017. This was the main factor underlying the large annual changes in lease rates for these market segments, rather than a shift in market conditions.