According to the Toronto Real Estate Board’s Commercial Network Members, there were 5,776,322 square feet of leased office, commercial retail and industrial space in the first quarter of 2015, which is an increase of 28.2 per cent over the same time last year.
“The economic situation in Canada remained uncertain through the first quarter of 2015, but the consensus view is that the economic growth during the past three months was subdued,” said Paul Etherington, the president of the Toronto Real Estate Board. “However, against this backdrop, the industrial leasing news for the Greater Toronto Area was certainly a positive. The fact that industrial firms were taking on more space ads credence to the argument that Ontario, including the GTA, may be one of they key beneficiaries of the lower Canadian dollar. Many of these firms may have experienced an actual increase in sales or are anticipating increases moving forward.”
Actual sales of commercial properties decreased by 28.9 per cent compared to the first quarter of last year.
Mr. Etherington continued, “As we move through the spring, we should have a better indication of how Canadian economic conditions will unfold and ultimately affect commercial real estate markets in the GTA. It is quite possible that we will see some period-to-period volatility in leasing and sales figures, but it would appear that the GTA economy and commercial real estate market is comparatively well-positioned within Canada.”