According to the latest press release from the Toronto Real Estate Board’s commercial division members, the square feet of leased commercial space decreased in August 2012 by 54 per cent over the same time last year to 246,274 square feet leased.
“Recent economic news pointed to pluses and minuses for the commercial real estate market in the Greater Toronto Area. Business investment was a driver of GDP growth in the second quarter, but at the same time growth in exports reached a four quarter low,” said Toronto Real Estate Board commercial division chair Cynthia Lai in a press release. ”These mixed results point to uncertainty about future economic growth, which helps explain why some industrial firms in the GTA have remained on the sidelines with regard to real estate investment.”
The sales of commercial properties last month was not much different than the same time last year, with 59 sale soy commercial properties this year compared to 64 last year.
“Given the uncertain economic outlook businesses have faced this year, the fact that the number of transactions in August remained in line with last year’s total is a positive sign,” Lai continued. “It is also important to note that the types of deals differ from one period to the next, which goes a long way to explaining the average price differences between August 2012 and the same period last year.”
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