Toronto commercial sector flat in second quarter

The commercial real estate market in the Greater Toronto Area was little changed in the second quarter of 2015 from a year earlier.

Data from the Toronto Real Estate Board shows that there was 5,896,493 square feet of leased industrial, commercial/retail and office space during the second quarter of 2015; in the same period last year the figure was 5,806,376 square feet. Industrial units made up almost three quarters of the total.

The average second quarter industrial lease rate for properties leased on a per square foot net basis with pricing disclosed was $5.42, up 6.5 per cent year over year. The average commercial/retail lease rate was up over the same period, by 1.6 per cent to $19.27. The average office lease rate was down by 8.6 per cent to $12.27.

Total sales in the second quarter were down by 22.1 per cent year over year to 250, from 321 transactions reported in Q2 2014. 

TREB president Mark McLean said: “Looking ahead, the GTA economy stands to benefit from the decline in value of the Canadian dollar, especially in export-oriented sectors. 

"However, the timing for these benefits to materialize may be longer than originally expected, which may be prompting some would-be property investors to remain on the sidelines.”

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