There was a 27 per cent rise in combined industrial, commercial/retail and office space leased through TREB’s MLS totaling 7,390,832 square feet. Year-over-year there was growth for industrial and office properties but commercial/retail declined.
However, TREB president Larry Cerqua says that the growth may not continue for the rest of 2016: “It is important to note that the most recent Bank of Canada Business Outlook Survey points to flat sales growth and moderate investment intentions. This suggests that we could continue to see some volatility in commercial leasing in the coming months.”
The average lease rate for industrial properties was up 2.2 per cent to $5.53 per square foot; for offices it was up 24.2 per cent to $15.25; but down 11.1 per cent for commercial to $17.62.
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There was strong growth for Toronto’s commercial real estate sector in the second quarter according to data from the Toronto Real Estate Board.