According to the latest statistics released by the Toronto Real Estate Board’s Commercial Network Members, over 5 million square feet of office space, industrial space and commercial/retail space was leased during the fourth quarter of 2014. This is a decrease of five per cent over the same time in 2013, however office space leases were up.
“The third quarter result for Canadian Gross Domestic Product represented relatively strong economic growth and included an increase in exports, which is a positive for many businesses operating in south central Ontario,” said Paul Etherington, president of the Toronto Real Estate Board in a press release. “Notwithstanding the stock market turmoil experienced during the fourth quarter of 2014, it is quite possible that the lower value of the Canadian dollar could prompt further demand for Canadian exports. This could lead some GTA firms to step up their search for new space as the demand for their goods and/or services increases.”
In the fourth quarter of 2013, there were 336 commercial sales while during the same time in 2014 there were 243. The average selling price increased for industrial and office spaces, and decreased for commercial/retail.
He continued, “Looking forward through 2015, the Greater Toronto Area continues to be a global region with a diversified economy and a high quality of life. These attributes will continue to put the Toronto area in good stead, as it relates to attracting businesses and new comers from around the world.”