Toronto Commercial Real Estate

Leased Space Up Three Per Cent In August

In August, TREB Members reported 830,317 square feet of leased IC&I space across the GTA, up three per cent over the 806,743 figure recorded during the same month of 2007, Commercial Council Chair Garry Lander has announced.

“In addition to solid activity in August, the summer of 2008 has seen 2,920,156 square feet of space traded through the TorontoMLS system,” Mr. Lander noted. “That’s off just five per cent from the 3,070,102 square feet of space transacted during the same period last year.”

Prices for leased Industrial space fell 10 per cent to $5.70 sfn from last August’s $6.35 figure.

Meanwhile, rents for Commercial space rose six per cent to $.18.98 sfn from last August’s $17.86 sfn.

Sales Market Highlights

In August, 30 transactions of Industrial/Commercial properties took place through the TorontoMLS system. Of these, 16 were Industrial properties of all size categories, which sold for an average of $70.80 per square foot. This compares to a figure of $56.62 per square foot obtained from non-MLS sources.

Members of the Toronto Real Estate Board’s Commercial Division adhere to a strict Code of Ethics and Standards of Business Practice, only those who have met the standards established by their peers are eligible to become Members.

For statistics, go to the August issue of the Commercial Realty Watch: