Members of Toronto Real Estate Board commercial members reported 215,353 square feet of leased space, down 427,002 from a year earlier.
However, the board’s president is optimistic about the future.
“While leasing activity was down this past August compared to the same period in 2016, recent data suggests that the Canadian and southern Ontario economies are on solid footing and are poised for further growth over the next year. As economic growth continues, businesses’ demand for space will likely increase as well,” said Tim Syrianos.
Meanwhile, sales in the commercial sector almost halved to 31 (from 60 a year earlier).
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The latest data on commercial leasing in the GTA shows a year-over-year decline in combined office, commercial/retail and industrial space leased in August.