Monthly Commercial Market Figures From TREB

On March 3rd, Toronto Real Estate Board President Mark McLean announced that Toronto Real Estate Board Commercial Network Members reported 392,132 square feet of combined commercial/retail, industrial and office space in February 2016. Last year, a total of 796,437 square feet of space leased was reported for the same period.

According to the figures, industrial properties made up for more than three quarters of the total space leased last month. The commercial/retail category accounted for the next largest share and office space accounted for the remaining space leased.

Leased Square Feet February 2016

Industrial: 304,100 Commercial: 56,716 Office: 31,316 Total: 392,132

The average lease rates for the reported properties were up for all three major market segments on a year-over-year basis. The increase was due to a change in the mix of properties leased, including differences in location and size of transactions this year in comparison to last year.

Mark McLean said that there is a degree of uncertainty in many sectors regarding the outlook for next year and this uncertainty looks like it has translated into caution when it comes to firms obtaining more industrial, commercial/retail or office space. He also stated that the regional economy for the Greater Toronto Area and surrounding regions has adjusted relatively well in comparison to other areas in the country.

TREB commercial network members reported 55 combined industrial, commercial/retail and office sales in February 2016, where pricing was disclosed. This represents an increase from last year. Last year, during the same period, there were 44 sales reported.

February 2016: Number of Commercial Sales Completed with Pricing Disclosed on TorontoMLS

Industrial: 17 Commercial: 22 Office Space: 16 Total: 55 Sales

Average Sale Price Per Square Feet

Industrial: $104.85 Commercial: $355.20 Office Space: $351.26

Reference: Toronto Real Estate Board