Commercial Sector In Toronto Skips A Month

Over 100,000 square were rented out by the commercial real estate agents in the Greater Toronto Area, which was more than the figure in 2015. The numbers by the TRAB showed that their members took care of renting out 432,206 square, including commercial/retail, office space and industrial units in a month.

The president of TREB, Larry Cerqua said: “The year-over-year uptick in leased space this past August is an encouraging sign and points to the fact that the GTA benefits from one of the stronger regional economies in Canada.  The fact that we are seeing growth in average earnings above the rate of inflation suggests that a broad array of skill sets is in demand by employers.  A relatively tight labor market may also mean that an increasing number of businesses will be looking to take on more space.”

As the number of major properties which were rented out increased compared to last year, the rents for commercial/retail units went down, units that are larger happened to go for cheaper values per square foot. After decreasing by 37 percent, an average price per square foot was $14.91.

On the contrary, a small amount of large industrial units were rented out in August, with total rent values going up in this sector by 55 percent to $6.52. Even the office rent went up by 11 percent over the years, the price per square feet being at $13.92