According to the Toronto Real Estate Board’s Commercial Division, there was a 7.3 per cent decline between April 2012 and April 2013 in the amount of commercial square footage leased, from 678,004 to 628,624.
“While the amount of leased space was down on a year-over-year basis in April, it was encouraging to see average lease rates up for all major property types,” said the Commercial Division Chair for the Toronto Real Estate Board, Cynthia Lai. “This suggests that demand was quite strong relative to the amount of space available for least last month.”
According to the TorontoMLS, there were 51 properties (combined office, retail and industrial) that were sold during the month of April with their pricing disclosed, a 21.5 per cent decrease. An increase in industrial sales partially outweighed a decline in retail/commercial property sales.
Lai continued, “We have seen the number and size of commercial leasing and sale transactions in the Greater Toronto Area hold up quite well in the face of continued economic uncertainty. While below average economic growth is forecast for the remainder of the first half of 2013, the Canadian economy is expected to expand at a brisker pace in the second half of this year. Look for commercial transactions to follow a similar trend.”
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