GTA Commercial REALTORS® Report Commercial Market Figures For August 2012

Toronto Real Estate Board (TREB) Commercial Division Members reported 246,274 square feet of leased commercial space through the
TorontoMLS system in August 2012 (calculated for transactions completed on a per square foot net basis for which pricing was disclosed). This represented a
54 per cent decline compared to August 2011.

The industrial segment of the market continued to account for the majority of leased space (61 per cent), with deals reported for 151,365 square feet. The average lease rate was $5.74 per square foot net – up from $4.28 per square foot net reported in August 2011. The average lease rate for commercial/retail properties was down notably from last year. This change was due to a large retail lease transaction. Larger properties often lease for a lesser amount per square foot.

“Recent economic news pointed to pluses and minuses for the commercial real estate market in the Greater Toronto Area. Business investment was a driver of GDP growth in the second quarter, but at the same time growth in exports reached a four quarter low. These mixed results point to uncertainty about future economic growth, which helps explain why some industrial firms in the GTA have remained on the sidelines with regard to real estate investment,” said TREB Commercial Division Chair Cynthia Lai.

The number of commercial properties sold in August 2012 was similar to the total for August 2011: 59 transactions this year versus 64 last year. The annual change in the average selling price per square foot was mixed depending on the property type in question. The average industrial selling price was up on a year-over-year basis whereas the average price for commercial/retail and office properties was down.

“Given the uncertain economic outlook businesses have faced this year, the fact that the number of transactions in August remained in line with last year’s total is a positive sign,” continued Lai. “It is also important to note that the types of deals differ from one period to the next, which goes a long way to explaining the average price differences between August 2012 and the same period last year.”

August 2012: Per Square Foot Net Commercial Leasing Summary Lease Transactions Completed on a Per Square Foot Net Basis with Pricing Disclosed on TorontoMLS®
 
August 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)
 
Aug. '12
Aug. '11
% Change
 
Aug. '12
Aug. '11
% Change
Industrial
151,365
434,155
-65.1%
Industrial
$5.74
$4.28
34.2%
Commercial
61,667
41,808
47.5%
Commercial
$11.32
$29.47
-61.6%
Office
33,242
57,553
-42.2%
Office
$11.30
$14.41
-21.6%
Total
246,274
533,516
-53.8%
Source: TREB Commercial Division
August 2012: Commercial Sales Completed with Pricing Disclosed on TorontoMLS®
Sales (Price Disclosed)
Avg. Sale Price Per Sq. Ft. (Pricing Disclosed)
 
Aug. '12
Aug. '11
% Change
 
Aug. '12
Aug. '11
% Change
Industrial
22
30
-26.7%
Industrial
$86.05
$63.03
36.5%
Commercial
28
22
27.3%
Commercial
$115.27
$193.70
-40.5%
Office
9
12
-25.0%
Office
$210.65
$266.34
-20.9%
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 34,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. For Media/Public Inquiries: Mary Gallagher, Senior Manager Media Relations. Toronto Real Estate Board 1400 Don Mills Road Toronto, ON M3B 3N1, Office: (416) 443-8158, Email:maryg@trebnet.com News Release Source: Toronto Real Estate Board (TREB)       
    
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