Toronto Commercial/Retail, Industrial and Office Space Leases Increase in 2014 Q1

According to the latest release fro the Toronto Real Estate Board’s Commercial Network Members, the amount of leased office, industrial and commercial/retail space leased in Toronto increased by 3.6 per cent in Q1 of 2014 to a total of 4,517,411 square feet.

“Since coming out of the recession, we have certainly seen a few false starts as it relates to economic growth, particularly where business investments and exports are concerned,” said the Toronto Real Estate Board’s Commercial Committee Chair, Cynthia Lai. “However, the first GDP data point for 2014 was very encouraging. Hopefully, the positive result for first quarter leasing activity in the GTA points to continued economic growth, as businesses take on more space in response to anticipated growth in demand for goods and services produced in southwestern Ontario.”

There were a total of 197 sales of commercial space using the TorontoMLS system during the same quarter.

Lai continued, “Conditions are in place to support and increase in commercial real estate investment in the GTA. The expectation is that the US economy will continue to pick up steam, which should help facilitate the long-awaited recovery in the Canadian export sector. All of this, coupled with the continuation of accommodative borrowing costs, could prompt an increase in sales activity moving forward.”

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