A combined 263,420 feet of office, commercial/retail and industrial space was leased by members of the Toronto Real Estate Board, down 27.7% from a year earlier. The industrial sector led the decline.
Despite the fall and the usual monthly fluctuations, TREB president Tim Syrianos says the board’s members are still involved in a substantial number of deals. And he says the longer-term outlook remains favourable.
“The GTA and broader Greater Golden Horseshoe remains very competitive in the North American and global contexts. While Canadian economic growth appears to have slowed in the second half of 2017, Canada is still on track to pace growth in G7 countries. This points to a solid foundation for the demand for industrial, commercial/retail and office space in the region,” he said.
Lease rates varied depending on type with the averages per square foot in October where pricing was disclosed: $8.27 for industrial (up from $7.02 a year earlier); $21.55 for commercial/retail (down from $22.41); and $17.51 for offices (down from $13.81).
There were 56 sales for the combined sector in October, down from 69 in October 2016.
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Commercial leasing slipped in October but the city’s real estate board says the market is still buoyant and the outlook is good.