Toronto Commercial Segment Faring Well
Following the data that was recently obtained from the Toronto Real Estate Board, it seems Toronto’s commercial asset market is thriving and proving stronger than expected. In the last month, close to 876,196 square feet industrial, office space and commercial/retail buildings were rented out in that area; the most leased were in the industrial category.
The average rate for the leased out property increased by a whooping 13 percent over the years to $5.88 per square foot for industrials, whereas the profit making, office spaces and the rates for retail proved lower than the year before.
The president of the Toronto Real Estate Board, Larry Cerqua said that, “The Greater Toronto Area regional economy continues to outperform many other metropolitan areas across Canada. As such, it was encouraging to see healthy commercial leasing numbers for July. However, it is important to point out that growth in the Canadian economy more broadly remains below the long-term norm and commercial leasing and sales results could fluctuate as GTA businesses adjust to current economic conditions.”