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 .
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%)
Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand.
