“As the Canadian economy continues to expand in 2011, demand for commercial real estate is expected to remain healthy, albeit with some
month-to-month volatility in transactions. Exports are generally expected to make a larger contribution to growth this year, which is important for firms located in the GTA,” noted Toronto Real Estate Board Commercial Division Chair Larry Purchase.
By category, TREB Commercial Members leased 739,639 square feet of industrial space, down 26 per cent from 995,569 square feet recorded in April 2010. In addition, 51,317 square feet of commercial space was leased during the month, a 39 per cent decline from the 84,555 square feet leased in April 2010. Finally, 51,450 square feet of office space was leased, down 32 per cent from the 75,820 square feet leased in April 2010.
Industrial space in all size categories leased for an average of $4.33 per square foot net (sfn), a 10 per cent decline from the average of 4.79/sfn recorded in April 2010. Commercial space leased for an average of $16.24/sfn, up 32 per cent from the average of $12.34/sfn reported in April 2010. Office space leased for an average of $9.25/sfn, down 28 per cent from the average of $12.78/sfn in April 2010.
Sales Market Highlights
TREB Members recorded 44 sales of IC&I properties last month, including 23 industrial buildings of all size categories which sold for an average price of $127.16 per square foot, a 137 per cent increase over the average of $53.66 per square foot recorded in April 2010.
The average sale price for Industrial properties from non-MLS sources was $94.09 per square foot. In addition, 21 Commercial/Retail properties sold for an average of $143.80 per square foot, a 42 per cent decrease over the average of $248.86 recorded in April 2010.
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 31,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.
Source: Toronto Real Estate Board, Commercial Division
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