Toronto commercial leasing up 15 per cent

by Steve Randall08 May 2017
The amount of combined retail/commercial, office and industrial space rented by real estate agents in the Greater Toronto Area was up 15.1 per cent last month compared to a year earlier.

Toronto Real Estate Board’s Commercial Network members reported 348,623 square feet of leased space on a net basis with pricing disclosed, up from 302,971 sq. ft in April 2016.

Lease rates were mixed with a rise for industrial property to $6.83 per sq.ft. in April 2017 compared to $5.40 a year earlier; office lease rates increased 6 per cent to $13.88; but retail/commercial rates were down 6.7 per cent to $19.63.

“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.

Sales where pricing was disclosed jumped 23.2 per cent year-over-year with 69 properties sold in April with a substantial increase in prices.

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