GTA Commercial REALTORS® report commercial market figures

Toronto Real Estate Board Commercial Division Members reported 401,168 square feet of total leased commercial space in February 2012. This result was down by 20 per cent in comparison to February 2011. Industrial space accounted for 71 per cent of
total square footage leased, or 285,058 square feet – down almost 27 per cent compared to February 2011.
The average lease rate for industrial properties was $4.81 per square foot net (calculated for transactions where pricing was disclosed) – down by 12 per cent in comparison to the average of $5.47 reported for February 2011.

“Uncertainty surrounding the global economic outlook continued to weigh on many firms’ real estate investment decisions in February. With this said, the recent GDP release for the fourth quarter of 2011 pointed to continued economic growth in Canada. This positive news coupled with the consensus expectation for sustained growth through 2012 may prompt an uptick in commercial real estate investment as we move through the year,” said Commercial Division Chair Larry Purchase.

Commercial Division Members also reported 56 sale transactions in February, representing an eight per cent increase compared to February 2011. A 17 per cent dip in industrial sales was more than offset by a 39 per cent increase in sales of other commercial property types. Average per square foot selling prices were down for both categories.

“The dip in average selling prices for industrial and other commercial properties was due in large part to a greater number of large property sales this year versus last. Generally speaking larger properties sell for less on a per square foot basis,” said Purchase.


February 2012: Per Square Foot Net Commercial Leasing Summary




Lease Transactions Completed on a Per Square Foot Net Basis with Pricing Disclosed
on TorontoMLS®









Leased Sq. Ft. (Price Disclosed, Per Sq.Ft. Net)

Avg. Lease Rate (Price Disclosed, Per Sq.Ft. Net)


Feb. 2012

Feb. 2011

% Change



Feb. 2012

Feb. 2011

% Change

Industrial

285,058

389,177

-26.8%


Industrial

$4.81

$5.47

-12.0%

Commercial

80,397

38,104

111.0%


Commercial

$12.66

$18.92

-33.1%

Office

35,713

73,158

-51.2%


Office

$16.08

$9.82

63.7%

Total

401,168

500,439

-20%






Source: TREB Commercial Division















February 2012: Commercial Sales Completed with Pricing Disclosed on TorontoMLS®










Sales (Price Disclosed)


Avg. Sale Price Per Sq. Ft. (Pricing Disclosed)


Feb. 2012

Feb. 2011

% Change



Feb. 2012

Feb. 2011

% Change

Industrial

24

29

-17.2%


Industrial

$50.23

$96.15

-47.8%

Commercial

32

23

39.1%


Commercial

$132.61

$178.20

-25.6%

Total

56

52

8%






Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 34,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.
Media Inquiries:
Mary Gallagher,
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com
     
Follow REALESTATESNATCH On Twitter and Facebook!

  
Read more from REAL ESTATE SNATCH Post blog:
Related Posts Plugin for WordPress, Blogger...

No comments:

Get Real Estate Tips

linkwithin...

About Us

Get Free Email Updates to your Inbox!

REAL ESTATE SNATCH is the independent real estate blog of Samir Safadi, Sales Representative of West-100 Metro View Realty Ltd, brokerage it is dedicated to covering Real Estate News, digital culture, social media and technology, providing analysis of trends, Market Data , reviewing new development. Offering Real Estate services resources and guides. Services are provided to prospective buyers and sellers of real estate by Samir Safadi, Sales Representative, West-100 Metro View Realty Ltd, brokerage, duly registered in the province of Ontario, under Real Estate and Business Brokers Act, 2002 (REBBA 2002) and Member in good standing with



©Copyright 2009-2017 REAL ESTATE SNATCH All Rights Reserved Registration on or use of this site constitutes acceptance of our

Search This Blog