The Toronto Real Estate Board says that Commercial real estate leasings were down 19.7 in January compared to the same time last year, with a total of 347,046 leased square feet of office space, commercial/retail space and industrial space.
“The next 12 months will be an interesting period of time for commercial real estate in the Greater Toronto Area,” said Paul Etherington, the president of the Toronto Real Estate Board. “On the one hand, we have the potential for the drop in oil prices to impact the Canadian economy as a whole. On the other hand, we have the potential positive impacts of the lower Canadian dollar on exports from southern Ontario. As we move toward the spring, we should have a better indication of the net effects on commercial real estate markets in the GTA.”
The number of sales remained the same as last year, as did the lease rate for industrial properties. Commercial/retail and office space prices did increase, but mostly due to larger properties being shifted.