There was a decrease in the commercial real estate space leased in the GTA in the third quarter.
The total of 6,295,432 square feet leased in the commercial/retail, industrial, and office sectors by members of the Toronto Real Estate Board’s Commercial Network is a decline of 8.7% from a year earlier.
The industrial sector posted a 12.4% decrease, commercial was down 7.7%, and offices slipped 1.3%.
Average lease rates (where pricing was disclosed) was down for industrial (to $7.43 from $7.80) and offices (to $13.07 from $14.89) but increased for commercial/retail (to $26.75 from $25.71).
There were 73 fewer sales of commercial properties in Q3 2019 compared to a year earlier with a total of 295. Lower sales were seen across all three market segments.
But despite the weaker figures, TREB president Michael Collins remains positive.
“The Greater Toronto Area continues to be a key centre of economic activity in North America, as evidenced by our low unemployment rate, strong population growth and consistently high standing in global city rankings. Barring any large-scale economic shock, the GTA should continue to see strong investment in all segments of commercial real estate moving forward,” he said.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate