Commercial Market In GTA Sees Decline

In the course of last month, the commercial market in the Greater Toronto Area had a drop of 25 per cent in rented space as the industrial sector went down by a considerably amount. Commercial/retail and offices, on the other hand, saw gains.

A report of 271,918 square feet of spaces was rented out in February as reported by the members of Toronto Real Estate Board. The pricing was however disclosed, the figures showed to have dropped unlike last year’s figure of 362,720 spaces leased.

Mr. Cerqua, president of the board said; “The outlook for Canadian economic growth is positive. However, there does remain some concern surrounding the revival of exports, which obviously could impact some economic segments in the GTA and southern Ontario more broadly. The evolving economic trends over the next few months will be key in firms’ decisions to take on more space.”

Over the year, the leasing rate went up by 13.5 per cent to $6.94 per square foot, despite rates being down for commercial/retail sector the year before, as the composition and location of units shifted. The sales of commercial units were quite similar from the year before, with 55 units compared to 57.