Commercial Market Figures For July 2013: Toronto Real Estate Board

The Toronto Real Estate Board’s Commercial Division Members have reported that 681,000 square feet of Office, Commercial/Retail and Industrial space was leased in July 2013 through the Toronto MLS system, most of which was Industrial. This represents and increased of 55 per cent over the same time last year.

“The July leasing numbers were a very good start to the third quarter and it is especially encouraging to see the industrial market segment leading the way,” said the Commercial Division Chair of the Toronto Real Estate Board, Cynthia Lai. “According to the Bank of Canada’s latest Business Outlook Survey, firms are expecting to increase their capital expenditures and employment levels over the next year. In many cases, this should translate into increased demand for space moving forward as well.”

She continued, “A pick-up in leasing transactions moving forward would likely point to an increase i sales in some segments of the commercial real estate market as well. Businesses preferring to own their premises and investors seeking quality long-term returns on investment would be the foundation for this sales growth.”

There were 50 total sales of industrial, commercial and office spaces through July, which is a decrease of 12 per cent. However, commercial/retail and industrial sales increased, while industrial sales decreased.

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