Toronto Office And Commercial Space Leases Up Over Q3 2014

The number of square feet of leased industrial, office and commercial/retail space increased by 5.3 per cent to 6,059,755 square feet.

“We have seen solid growth in the Canadian economy recently,” said Toronto Real Estate Board president Paul Etherington. “Some of this growth was based on strong export numbers, particularly as it relates to goods produces for markets in the United States. Export based production is obviously tied to industrial firms, so it makes sense that we saw an uptick in industrial leasing. Consumer spending has also remained an important driver of economic growth in this country. This bodes well for a continued uptrend in leased commercial/retail space.”

There were also 254 sales during the third quarter of 2014.

“By all accounts,” he continued, “the Canadian economy is on a solid footing. However, one component of growth that has lagged is business investment. As consumer spending remains strong and exports improve, the expectation is that business investment will also pick up. In all likelihood, this improvement would include an uptick in commercial property sales.”

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