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July More Than Doubles 2009 Pace For Leased Space

July 6, 2010 -- In July, TREB Commercial Members reported 724,590 square feet of leased space – a 132 per cent increase from the 312,771 square feet of leased space recorded in July of 2009.

"Riding the wave of renewed economic growth and the recovering labour market, the volume of IC&I leased space continues to run well above last year's levels," Commercial Council Chair Larry Purchase noted."

By category, TREB Commercial Members leased 644,830 square feet of industrial space, up 176 per cent over last July's total of 233,342 square feet. In addition, they leased 47,406 square feet of commercial space, up 20 per cent over July 2009's 39,575 figure. Finally, 32,354 square feet of office space was leased- down 19 per cent from the 39,854 square feet recorded during the same month last year.

Average lease rates were mixed in July. Industrial lease rates for all size categories rose four per cent to $5.53 per square foot net (sfn) from the $5.33/sfn recorded in July of 2009. Commercial space leased for an average of $19.75/sfn – up 24 per cent from the $15.91/sfn figure recorded for the same month last year. Finally, office space leased for a rate of $10.28/sfn – down 14 per cent from last July's $11.98/sfn figure.

Sales Market Highlights

TREB Commercial Members recorded 45 sales of IC&I properties in July, including 24 industrial buildings of all size categories which sold for an average of $61.35 per square foot, and 21 commercial properties which sold for an average of $21.15 per square foot. Non MLS sources gave an average selling price of $64.15 per square foot for industrial buildings.

See Full Report [in PDF format*].

Commercial Transactions Up in June

July 6, 2009 -- Last month, TREB Commercial Members reported 1,004,651 square feet of leased space – up 79 per cent from 560,425 leased square feet in June 2009.

"The number of IC&I lease transactions was well-ahead of last year's totals, both for June and the first six months of the year," Commercial Council Chair Larry Purchase announced today. "Strong economic growth in the last three quarters, which spurred renewed job growth, has been the foundation for improved commercial real estate market conditions."

Lease rates declined in June. The average lease rate for industrial space in all size categories dipped marginally to $4.78 per square foot net (sfn) from $4.79/sfn recorded in June of 2009. The average lease rate for commercial space was down 15 per cent to $11.51/sfn from last year's figure of $13.47/sfn. Office space traded for $12.97/sfn – down 12 per cent from last June's figure of $14.69/sfn.

Sales Market Highlights

In June, TREB Commercial Members reported 58 sales of IC&I properties through the TorontoMLS system. Of these transactions, 31 were industrial buildings of all size categories with an average per square foot selling price of $62.33. During the same time-frame, non-mls sources provided an average per square foot selling price of $86.45..

See Full Report [in PDF format*].

Commercial Transactions Lower in May

June 3, 2009 -- In May 2010, TREB Commercial Members reported 472,278 square feet of leased space – a 27 per cent decline from the 644,130 square foot figure recorded in May 2009.

“May was the first month in 2010 when the amount of commercial space traded was below year-ago levels,” said Commercial Council Chair Garry Lander. “On a monthly basis, the commercial market is sometimes volatile. Above-average economic growth coupled with improving labour market conditions should result in further growth this year.”

Lease rates were mixed in May. Industrial space in all size categories traded for an average of $4.87 per square foot net (sfn) – down nine per cent from the $5.34/sfn recorded in May of 2009. The average commercial space lease rate rose 45 per cent to $16.29/sfn from the May 2009 figure of $11.27/sfn. Office space traded for an average of $12.63/sfn – a 20 per cent increase from the $10.57/sfn recorded in May 2009.

GTA Commercial REALTORS® Report Monthly Commercial Figures

May 5, 2010 -- In April, TREB Commercial Members reported 1,155,944 square feet of leased space, up 148 per cent over the 466, 837 square feet of leased space recorded during April 2009, Commercial Council Chair Garry Lander announced today. See details.

GTA Commercial REALTORS® release Commercial Market Report

April 6, 2010 -- In March, TREB Commercial Members reported 860,895 square feet of leased space, a 104 per cent increase from the 421,642 leased square feet recorded in March 2009, Commercial Council chair Garry Lander announced today.. See details.

Commercial Transactions Up in February

March 3, 2009 -- Last month, TREB Commercial Members reported 606,076 square feet of leased space, a 28 per cent increase from the 472,663 leased square feet recorded in February of 2009.

“During the first two months of 2010, the GTA commercial real estate market has outperformed the same period in 2009,” said Commercial Council Chair Garry Lander. “Key economic indicators, including this week’s strong fourth quarter GDP result, suggest that the Canadian economy continues to improve and that economic growth is becoming better distributed across all sectors of the economy.”

“Look for positive results to continue in the commercial market, especially as we start to see more hiring in the GTA,” added Lander.

Lease rates were mixed in February. Industrial space of all size categories fell seven per cent to $4.80 per square foot net (sfn) from the February 2009 figure of $5.17 per sfn. Commercial space traded for $20.89 per sfn, up 10 per cent from the $19.02 per sfn figure recorded last year. Leased office space also rose in price, trading for $12.95 per sfn, which is up 23 per cent from the February 2009 figure of $10.57 per sfn.

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