The Toronto Real Estate Board’s Commercial Network Members have reported that in October 2014 there were 704,582 square feet of office space, commercial/retail space and industrial space leased, which is an increase of 38.8 per cent over October last year. Three-quarters of the total leased space was industrial real estate.
“Demand for commercial real estate, whether for lease or for sale, is obviously very dependent on business’ outlook for the economy. The fact that the amount of leased space was up this past October compared to the previous year could suggest that some businesses are expecting an increase in demand for the goods or services they produce. This could be seen as a positive indicator for demand in the GTA moving forward,” said Toronto Real Estate Board president Paul Etherington.
Sales decreased by 73 per cent compared to October of last year, but again industrial real estate led the charge with 42.6 per cent of total sales in October 2014.
Etherington continued, “However, it is important to be mindful of the fact that there has been some economic volatility in some parts of the world which has, in turn, resulted in volatility in financial markets. It is possible that this could impact some business’ real estate decisions.”