Ads Google

GTA commercial sales up 4% in 2019 as fourth quarter sizzles

by Steve Randall on 26 Feb 2020

The last three months of 2019 provided further momentum for the Greater Toronto Area’s commercial real estate market.

A new report from Urbanation shows total sales value increased 35% to $6.7 billion while the number of sales was up 19% to 420. Year-over-year, the quarter beat 2018 by 11% in sales volume and by 49% in value.

Year-over-year gains in Q4-2019 were experienced by rental apartments (+$1.4 billion), office buildings (+$753 million), industrial (+$291 million) and commercial land (+$96 million) in Q4-2019.

The strength of the market in the fourth quarter helped 2019 as a whole grow 4% year-over-year to total sales value of $22.3 billion from a 2% increase in sales to 1,423.

The strong GTA commercial market in 2019 supports an outlook by CBRE that 2020 could be a stellar year for Canada’s CRE market.

By sector, annual gains were experienced by:

  • commercial land ($844 million; + 64%)
  • rental apartments ($1.2 billion; +51%)
  • industrial ($741 million; +24%)
  • apartment sites ($446 million; +15%)
  • office buildings ($209 million; +4%).

Annual declines were experienced by:

  • residential lots (-$36 million; -5%)
  • retail (-$267 million; -15%)
  • rural land (-$61 million; -18%)
  • residential land (-$1.3 billion; -56%)



Post a Comment



Most Trending News

Training new skilled trades workers must be a priority
News

While there has been a deceleration in new home sales, we must keep the pedal to the metal and continue to train skilled trades workers for the future.

Read More
To build 1.5M homes, we must think outside the box
News

Many jurisdictions in the U.S. have been thinking outside the box to boost the housing supply. Here in Ontario, we’d be wise to follow suit.

Read More
Upcoming free event: Canadian Real Estate Investment Summit
News

This free summit will feature top experts in Canadian real estate who will share their knowledge on a broad range of topics. It will be presented on Sat. Jun. 18th from 12pm-3pm.

Read More