Commercial Property Leases By Square Foot Down Over Last Year

According to the latest release from the Toronto Real Estate Board’s Commercial Network Members, there were 368,513 square feet of leased commercial space in February, down by 17 per cent compared to February of 2013. Over 75 per cent of the least space was industrial.

“There were fewer lease agreements signed for larger industrial spaces this past February in comparison to the same period last year. It is important to notes, however, that leasing activity can be volatile on a month-to-month basis,” said Toronto Real Estate Board Commercial Committee Chair Cynthia Lai. “With that being said, the overall average lease rate for industrial properties was up slightly in comparison to last year.”

The average lease price per square foot increased in February 2014 to 5.26 per cent, or 1.2 per cent, over $5.20 in February of last year.

Lai continued, “The share and geographic location of industrial sales over fifty thousand square feet was different this past February compared to 2013. This accounted for the large year-over-year change in the average industrial selling price. Average industrial selling prices for smaller size categories were similar on a year-over-year basis.”

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