The Toronto Real Estate Board has released it’s commercial market figures for May 2013, finding that the amount of leased industrial, commercial/retail and office space decreased by 20 per cent over the same time last year.
“Average industrial lease rates for TorontoMLS transactions have increased quite strongly on a year-over-year basis so far this year, and May was no exception,” said the Commercial Division Chair for the Toronto Real Estate Board, Cynthia Lai. “The trend for industrial lease rates seems to have follows growth in related sectors of the economy. The most recent figures for Canadian Gross Domestic Product indicate that the rate of GDP growth exceeded expectations and the export decor was the driver of growth. Exports are extremely important to the industrial market segment.”
Prices for for industrial leased space increased by 4.7 per cent to an average of $5.26 per square foot over the same time last year.
Lai continued, “The pace of economic growth, especially as it relates to exports and business investment, is expected to increase through 2013. It is reasonable to assume that the pace of commercial transactions will will strengthen moving forward as well.”
The full Commercial Market Report is available here:
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