According to the Toronto Real Estate Board’s Commercial network, there was an 8.8 per cent drop in the amount of combined square feet of industrial, commercial/retail and office spaced leased in November 2015 compared to November 2014.
“While we did receive some good economic news recently, with renewed growth in the Canadian economy in the third quarter, it would seem that some business may still be somewhat hesitant to undertake any major new investments in real estate,” said Toronto Real Estate Board president Mark McLean. “It was encouraging to see that the third quarter growth in GDP was based in part of an uptick in exports, which was related to the lower value of the Canadian dollar compared to the US dollar. Exports are important to the economy in the GTA and southwestern Ontario more broadly. If we continue to experience positive results on the export front, we could see an increase in real estate investment as firms seek to increase capacity to meet demand.”
There were almost 40 sales in November of 2015, a drop from 71 sales of commercial spaces in November of last year.