Members of the Toronto Real Estate Board’s Commercial Network leased 5,985,841 sq. ft of combined space in the last three months of last year, up from 5,824,485 sq. ft. a year earlier.
Industrial units accounted for 75% of the space leased (4.5 million sq. ft) although the total was down slightly from Q4, 2016.
The fact that Q4 2017 leasing activity was up compared to last year is a positive sign and is in line with the consensus view that economic growth in Canada will remain relatively strong in the coming year with business investment intentions remaining positive. Businesses take on new space when they are confident that their business will expand in the future,” said TREB president Tim Syrianos.All major market segments saw an increase in average lease rates where pricing was disclosed.
Overall sales of commercial properties were down from 366 reported in the fourth quarter of 2016 to 211 in Q4, 2017.
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Commercial leasing in the Greater Toronto Area increased in the fourth quarter of 2017 as the industrial sector led the gains.