The latest from the Toronto Real Estate Board Commercial Network Members shows that there were 377,052 square feet of space leased in May 2015 where pricing was disclosed, down from 629,864 this time last year.
“Commercial leasing activity is often volatile on a month-to-month basis, with one large deal, or the absence thereof, making all the difference to the aggregate results. However, the fact that the average industrial lease rate was up in May compared to last year suggests that the demand for space in this important market segment remains strong,” said president of the Toronto Real Estate Board, Paul Etherington.
The total number of office, commercial/retail and industrial properties sold in the month of May was 52, down from 61 in May of 2014.
Mr. Etherington continued, “Both the sale and leasing markets for commercial properties are dependent on firms’ outlook for the economy. While the positive impact of the lower Canadian dollar is promising for businesses in the Greater Toronto Area, uncertainty in the broader Canadian economic picture will likely feed through in some periodic volatility in results.”