According to the latest figures from the Toronto Real Estate Board Commercial Network Members, the 240,606 square feet of office space, commercial/retail space and industrial space leashed in January 2016 was down from the 349,270 square feet of space that was leased in January 2015.
“The way in which the GTA commercial real estate market unfolds in 2016 will depend a lot on how the regional economy adapts to the lower value of the Canadian dollar,” said the president of the Toronto Real Estate Board, Mark McLean, in a news release. “To date, we have not seen a full resurgence in the goods production sector, particularly as it relates to exports. If export-related production starts to increase, it is possible that commercial sale and leasing activity could increase this year as well.”
As per usual, industrial space accounted for the majority of space leased at 60 per cent, while there were 40 combined sales in January 2016 compared to 53 combined sales in January 2015.