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

by Steve Randall26 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%)

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