Industrial sector boosts GTA commercial activity

There was a 30% increase in commercial space leased in the Greater Toronto Area in November compared to a year earlier.

Members of Toronto Real Estate Board’s Commercial Network reported a total of more than 378,000 square feet of combined industrial, commercial/retail and office space leased through the MLS.

Industrial units accounted for 70% of the space leased followed by commercial/retail and office space.

“It was positive news that the amount of space leased in November was up compared to last year,” said TREB president Tim Syrianos.

He added that there is month-to-month volatility in the number and size of transactions but the strength of the economy is currently driving commercial activity and its outlook.

There was an increase in average lease rates where pricing was disclosed for all three commercial sectors influenced by a change in the size and mix of transactions.

Sales were down slightly from 55 in November 2016 to 50 last month.

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