GTA Commercial Activity Declined From Last Year

Compared to the housing activity in the commercial market last year, the Greater Toronto Area commercial real estate market went down during the month of January. As reported by members of the Toronto Real Estate Board, it was stated that a total of 34,658 square feet of commercial/retail, industrial and office space combined together were rented via the TREB MLS® System, for each square foot net price basis, with the pricing of the property made public. This was recorded as a drop from 555,606 square feet that were leased in January 2016.

President of the Toronto Real Estate Board, Larry Cerqua said; “As we move through 2017, the demand for commercial real estate will depend on a number of factors, including the level of business confidence and economic direction of key trading partners. If GTA businesses remain confident in the direction of the economy at the national, provincial and regional levels, it is possible that we will see further growth in commercial leasing and transactions.”

The sales transaction didn’t have many changes to it from January last year, the industrial sector however profited, while there was a decline in the sale of commercial/retail office units which was lower.