According to the latest release from the Toronto Real Estate Board Commercial Network Members, the amount of leased industrial, office and commercial/retail space in Toronto was about the same in Q2 2015 compared to the same time last year. Almost 75% of the space leased was industrial space.
“The fact that second quarter industrial leasing activity remained quite strong on a year-over-year basis, and was coupled with a respectable annual increase in the average lease rate, suggests that many firms in the GTA have taken on new space and the expectation that their businesses will expand moving forward,” said the president of the Toronto Real Estate Board, Mark McLean.
Total sales decreased by 22.1 per cent year-over-year in the second quarter of 2015, with the average price up for office space.
Mr. McLean continued, “The latest results for Canadian gross domestic product suggest that the dip in the oil gas sector continued to be a drag on the overall economy in the second quarter. Looking ahead, the GTA economy stands to benefit from the decline in value of the Canadian dollar, especially in export-oriented sectors. However, the timing for these benefits to materialize may be longer than originally expected, which may be prompting some would-be property investors to remain on the sidelines.”