In July, there was 876,196 square feet of leased industrial, commercial/retail and office space in the region with industrial leading the pack. Average lease rates were up 13 per cent year-over-year to $5.88 per square foot for industrial, while commercial/retail and office rates were lower than a year earlier.
“The Greater Toronto Area regional economy continues to outperform many other metropolitan areas across Canada. As such, it was encouraging to see healthy commercial leasing numbers for July. However, it is important to point out that growth in the Canadian economy more broadly remains below the long-term norm and commercial leasing and sales results could fluctuate as GTA businesses adjust to current economic conditions,” said Larry Cerqua, president of TREB.
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Toronto’s commercial property market remains relatively healthy according to the latest data from Toronto Real Estate Board.