The commercial area of Toronto continues to expand as reports by real estate agents highlight a significant increase in the third quarter of this year in rented out space. The data released by Toronto’s Real Estate Board showed an increase of 3.4 per cent over the years, combined together with 6,592,818 square feet of industrial, commercial/retail and office space rented. The figures for 2014 were higher than that of 2015.
President of TREB, Larry Cerqua said; “The Greater Toronto Area has benefited from a diverse economic base and, as a result, the regional economy has been relatively strong with the unemployment rate generally trending lower.”
In addition to that, he said; “This may be why we experienced an uptick in leasing activity. However, there remains some uncertainty about the economic outlook, especially as it relates to exports, and this could impact commercial leasing and sales activity moving forward.”
The figure for the transactions of combined industrial, commercial/retail and office property was lower in Q3 2016, compared to the previous year. Together with 216 properties changing ownership in competition with 327 assets in Q3 2015. On the other hand, the normal trading price proved to be substantial and robust.