GTA Commercial Realtors Report 104 Per Cent Increase for March
April 15, 2010
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In March, Toronto Real Estate Board (TREB) Commercial Members reported 860,895 square feet of leased space, a 104 per cent increase from the 421,652 leased square feet recorded in March 2009. In the first quarter of 2010, lease transactions for commercial space increased 73 per cent from the first quarter of 2009.
“Demand for commercial real estate is strongly related to economic growth and job creation,” says TREB Commercial Council Chair Garry Lander. “As companies’ order books expand, they will take on more employees, and many will ultimately require more space.”
Lease rates for industrial space dipped to $4.91 per square foot net (sfn) from the $5.95 figure recorded in March 2009. Commercial and office lease rates rose, with commercial rates trading for $18.59/sfm compared to $17.44/sfn last year. Office lease rates climbed to $12.47/sfn compared to $9.78/sfn last year.
TREB members recorded 54 sales of IC&I properties in April, including 34 industrial buildings of all size categories, with an average selling price of $70.27 per square foot. This compares to a figure of non-MLS sources of $70.60 per square foot.
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