TREB president Mark McLean noted that the economies of the GTA and the Ontario province have stayed relatively strong and says that the outlook is positive: “It is quite possible that we could see an uptick in commercial leasing and sale activity in 2016, as the economy in the GTA and Ontario more broadly outperforms many other Canadian provinces.”
The strong demand for commercial property combined with demand for large space pushed rental rates higher with industrial averaging $6.09 per square foot, up from $5.22 in the fourth quarter of 2014. Office rates saw slight increases while commercial/retail rates were lower.
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Toronto’s commercial property market is showing strong growth according to the latest data from local realtors. Toronto Real Estate Board members leased around 6.1 million square feet of combined industrial, commercial/retail and office space in the fourth quarter of 2015, a 19.6 per cent increase from the same period in 2014. The industrial sector made up more than three-quarters of the space with offices accounting for 12 per cent and commercial/retail for 10 per cent.