Toronto Office, Commercial/Retail and Industrial Space Leases Down

According to the Toronto Real Estate Board’s Commercial Network Members, the number of square feet of office, commercial/retail and industrial spaces leased in the Greater Toronto Area during February 2016 was down compared to the same time period last year, with industrial properties making up the majority of the properties that were leased.

“While the regional economy for the GTA and surrounding Greater Golden Horseshoe has held up quite well relative to other regions in Canada, it is clear that there that there remains a degree of uncertainty in many sectors regarding the outlook for the next year,” said the president of the Toronto Real Estate Board, Mark McLean. “This uncertainty seems to have translated into caution when it comes to firms committing to more industrial, commercial/retail of office space.”

While there were fewer leases, there were a higher number of sales this year compared to last year. In February of this year, there were 55 total sales reported of office, industrial and commercial or retail properties, while in February 2015 there were 44.

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