GTA commercial activity dropped in August

Commercial realtors in the Greater Toronto Area report a large decrease in the leased industrial, commercial/retail and office space in August 2015 compared to the same month in 2014. The Toronto Real Estate Association says that the total was down to 193,443 square feet. President Mark McLean commented: “On a month-to-month basis the number and size of commercial transactions can be volatile simply because many of the deals are more complicated and can take time to get done.  With this said, it is also important to note that economic growth in Canada has been down for the last two quarters, which could have prompted some firms to put their property investment decisions on hold.”

Sales were down by 62.7 per cent year-over-year across all commercial property types, however Mr McLean is optimistic that economic conditions will lead to improvement: “The hope is that the lower value of the Canadian dollar vis-à-vis the US will prompt greater demand for goods and services produced in the GTA from south of the border. This could lead to some companies to expand their operations.”

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