Toronto Commercial Real Estate Leases Drop Compared To October 2012

According to the latest from the Toronto Real Estate Board’s Commercial Division Members, There were 506,000 leased square feet of commercial/retail, industrial and office space in October of 2013 though the MLS system. In October 2012, there were 821,118 square feet of space reported leased.

Lease rates also increased on a year-over-year basis.

“While the amount of leased space was down this past October in comparison to the same period in 2012, it is important to note that we do see volatility in the commercial leasing market from one month to the next” said the chair of the Toronto Real Estate Commercial Division, Cynthia Lai. “Continued growth in the Canadian economy, albeit at a slightly slower pace than originally expected, should provide a foundation for sustained demand for commercial space in the GTA.”

There were 55 sales of industrial, commercial/retail and office properties in October 2012, and in October 2013 the total sales increased to 61 sales.

“Recent reports suggest that it will take longer than originally expected for the economy to reach full capacity,” continued Lai. “The impact of this could be mitigated by the expectation that borrowing costs will remain low over the next year, which may prompt businesses to make further capital investments including real estate acquisition.”

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