According to the Toronto Real Estate Board’s Commercial Network Members, 470,604 leased square feet of space were reported in the month of Toronto, which is down by 25 per cent year-over-year. The majority of the leased space was industrial space, while the rest was commercial/retail or office space.
“The demand for commercial real estate, whether for lease or for sale, can be volatile on a monthly basis when comparing to the previous year,” said Toronto Real Estate Board President Paul Etherington in a press release. “With this said, recent economic data suggests that we could see an uptick in the demand for commercial space moving forward, given that the Canadian economy expanded at a relatively strong pace over the past two quarters. On top of this, the dip in value of the Canadian dollar vis-à-vis the US could result in increased demand for goods produced in the GTA for export south of the border. This could lead to an increase in the demand for industrial space in the GTA as well.”
The number of sales in November was the same as last year, with 67 total sales where pricing was disclosed. According to the Toronto Real Estate Board, the pricing was volatile during the month of November, but this was the result of a change in the mix of properties sold.