Industrial leads the gains for Toronto's commercial sector

Commercial leasing in the GTA was driven by industrial units which accounted for 85% of February’s activity.

Figures reported by Toronto Real Estate Board’s Commercial Network members show 503,891 square feet of combined industrial, office and commercial/retail space was leased last month, up from 467,247 sq. ft. a year earlier.

“The Canadian economy and GTA economy therein have been performing well. The unemployment rate in the GTA dropped by a full percentage point over the past year. With this in mind, it makes sense that the demand for industrial space was up strongly on a year-over-year basis,” commented TRB president Tim Syrianos.

He added a word of caution though, that the outcome of NAFTA talks may have a negative impact on the market, especially for industrial space.

While leasing increased, sales were down year-over-year, from 60 in February 2017 to just 28 last month. Although TREB highlights that one month of data does not represent a trend.

Leased Square Feet

 

Average Lease Rate

 

 

Feb. 2018

Feb. 2017

% Change

 

 

Feb. 2018

Feb. 2017

% Change

 

Industrial

430,003

292,742

46.9%

 

Industrial

$6.61

$6.43

2.8%

 

Commercial

26,510

115,282

-77.0%

 

Commercial

$20.97

$14.95

40.3%

 

Office

47,378

59,223

-20.0%

 

Office

$17.17

$14.95

14.9%

 

Total

503,891

467,247

7.8%

           

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