According to the Commercial Market figures from the Toronto Real Estate Board, the number of square feet of leased office, commercial and industrial space in October of this year dropped by 39.4 per cent compared to the same time last year. The majority of the space leased, almost 75 per cent, was industrial space.
“We have seen volatility in commercial leasing and sales throughout 2015. This falls in line with the fact that there has been a fair amount of uncertainty with regard to the Canadian economy this year as well,” said president of the Toronto Real Estate Board, Mark McLean. “It follows that many firms have put their real estate investment plans on hold until the direction of the Canadian economy becomes more clear.”
He continued, “Looking forward, the GTA regional economy seems poised to outperform from a growth perspective, relative to the rest of Canada. The unemployment rate is markedly lower than it was this time last year and the lower value of the Canadian dollar relative to the US dollar should have a positive impact on export-related sectors.”
As for the number of sales, last October saw 65 sales while October 205 saw 63 sales of commercial, office and industrial properties, and prices for these properties were higher than last year.