Quarterly Commercial Market Figures

A total of 7,390,832 square feet of combined industrial, commercial/retail and office space was leased during the second quarter of 2016.

On July 6th, Toronto Real Estate President Larry Cerqua announced that TREB Commercial Network Members reported strong growth in commercial leasing activity during the second quarter of 2016.

On an annual basis, the amount of leased space increased for industrial and office properties, however, the amount of leased space decreased for commercial/retail properties. Over three quarters of total space leased in the second quarter of the year was in the industrial market segment.

Based on a per square foot net basis, the average lease rate for industrial space was $5.53 during the second quarter. The average lease rate for office space was $15.25 during the second quarter of the year. The average lease rate for commercial/retail space declined to $17.62.

Larry Cerqua, TREB's president, stated that it was promising to see growth in the amount of space leased during the second quarter of the year. He said that this is very promising news as economic uncertainty still remains in the country.

He also stated that the regional economy in the Greater Golden Horshoe area has outperformed in comparison to many other metropolitan areas around the country.

A total number of 238 sales including industrial, commercial/retail and office property sales were reported through TREB's MLS System. This number declined from the second quarter period of 2015. During the second quarter of 2015, 362 combined sales were reported.

Based on a per square foot basis, the average selling price for industrial properties during the second quarter of 2016 was $86.70. The average selling price for office properties was $214.78. The average selling price for commercial/retail properties was $160.94.

Reference:

Toronto Real Estate Board