GTA commercial leasing higher

There was a rise in the amount of commercial real estate leased in May. Figures from the Toronto Real Estate Board show that 452,261 square feet of combined industrial, commercial/retail and office space was leased in the month compared to 374,781 sq. ft a year earlier. Industrial led the pack, accounting for around two thirds of the total.

“It was certainly encouraging to see an uptick in leasing activity this past May compared to the same time last year. However, it is important to remember that there certainly still exists some uncertainty around how economic growth will unfold in Canada and southern Ontario. Of particular importance to the regional GTA economy, and therefore commercial real estate markets, will be the trend in exports over the next year,” said TREB president Mark McLean.

Lease rates averaged $5.95 per square foot for industrial, up 6.7 per cent year-over-year; office ($11.91) and commercial/retail ($19.10) rates fell but prices can fluctuate depending on the mix of properties leased.

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