According to the latest press release from the Toronto Real Estate Board’s Commercial Division, Commercial space leasing in October of 2012 increased by 41 per cent over October 2011, representing almost 791,000 square feet of leased commercial space.
“I am cautiously optimistic about the fact that overall lease transactions through the TorontoMLS system were up year-over-year in October,” said the Toronto Real Estate Board’s Commercial Division Chair Cynthia Lai, in a press release. “Business investment has been and is forecast to continue to be a major driver of Canadian economic growth. It makes sense that some of this investment has and will be pointed toward the commercial real estate market in the Greater Toronto Area,” she said.
Leased industrial space made up about 87 per cent of these lease transactions. Commercial sales in October decreased by 11 per cent over October of last year with 49 sales.
“It is likely that we will continue to see some volatility in monthly commercial transactions,” continued Lai. “Economic growth in Canada is still being constrained by global economic difficulties, which have acted as a drag on the Canadian export sector. As a result, manufacturing output remains below the pre-recession peak, which remains an issue for the industrial real estate market.”
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