According to the Toronto Real Estate Board Commercial Network Members, there were 306,003 square feet of leased office, commercial/retail and industrial space during the month of April, which is a decline from 811,123 square feet in April of last year. The number of sales, 48, was also down from the same time last year, at 72 sales.
“There is no doubt that we have experienced some volatility in commercial leasing and sales activity over the past few months,” said Toronto Real Estate Board president, Mark McLean, in a press release. “This mirrors the broader Canadian economy. The most recent monthly GDP result released from Statistics Canada represented a decline in economic activity following four consecutive increases. Many businesses may still be in a holding pattern with regard to further real estate investment.”
The average lease rates tended to increase for industrial space and office space, however the rates were down for commercial leasing.