Industrial slump sees drop in GTA commercial market

The commercial market in the Greater Toronto Area saw a 25 per cent drop in leased space last month as the industrial sector decreased substantially, while commercial/retail and offices gained.

The Toronto Real Estate Board says that its members reported 271,918 square feet of leased space in February (where pricing was disclosed) compared to 362,720 a year earlier.

“The outlook for Canadian economic growth is positive. However, there does remain some concern surrounding the revival of exports, which obviously could impact some economic segments in the GTA and southern Ontario more broadly. The evolving economic trends over the next few months will be key in firms’ decisions to take on more space,” said Mr. Cerqua.

Leasing rates increased year-over-year to $6.94 per square foot, up 13.5 per cent; although rates for commercial/retail were down from last year as the composition and location of units shifted.

Sales of commercial units was in line with a year earlier with 55 units compared to 57.

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