GTA Commercial REALTORS® Report Commercial Market Figures for June

The total number of sales for industrial, commercial/retail and office properties through the TorontoMLS system in the second quarter was up by 10 per cent year-over-year to 352.


Toronto Real Estate Board Commercial Division Members reported over 5.1 million square feet of industrial, commercial/retail and office space leased through the TorontoMLS system in the second quarter of 2013. This result, which was down by seven per cent on a year-over-year basis, included approximately 3.9 million square feet of industrial space, accounting for slightly more than threequarters of total leasing activity in the quarter

Changes in average lease rates reported for transactions undertaken on a per square foot net basis, and for which pricing was disclosed, were mixed. The average industrial lease rate was down slightly on a year-over-year basis, whereas average lease rates for commercial/retail and office space were up over the same period.

“The industrial leasing market in the Greater Toronto Area, which accounts for the majority of leasing transactions on TorontoMLS, is driven by the export sector of the economy and, in particular, by the production of goods and services destined for the United States,” said TREB Commercial Division Chair Cynthia Lai. “We did see a welcome uptick in exports in the first quarter of 2013 and the consensus expectation is that exports will continue to climb back and eventually above the pre-recession peak. This will obviously bode well for investment in industrial real estate moving forward.”

“The commercial/retail and office markets performed well, with growth in the amount of leased space in the second quarter. This increased demand appears to have translated into tighter market conditions and growth in average lease rates,” continued Ms. Lai.

The total number of sales for industrial, commercial/retail and office properties through the TorontoMLS system in the second quarter was up by 10 per cent year-over-year to 352. Over the same period, average selling prices per square foot, for transactions where pricing was disclosed, were down for industrial and office properties and up for commercial/retail properties.

“Given that growth in business investment is expected to continue this year and next, it is reasonable to assume that purchases of industrial, commercial/retail and office properties will also increase, as businesses look to increase space and investors seek to take advantage of quality returns,” added Ms. Lai.
Second Quarter 2013: All Commercial Lease Transactions
 
 
 
Total Leased Space for All Lease Transaction Types on TorontoMLS
 
 
 
 
 
 
 
 
 
 
 
 
Total Leased Square Feet
 
 
 
 
 
 
Q2 2013
Q2 2012
% Change
 
 
 
 
 
Industrial
3,931,894
4,526,702
-13.1%
 
 
 
 
 
Commercial
543,292
511,082
6.3%
 
 
 
 
 
Office
658,046
484,629
35.8%
 
 
 
 
 
Total
5,133,232
5,522,412
-7.0%
 
 
 
 
 
Source: TREB Commercial Division
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Second Quarter 2013: Per Square Foot Net Commercial Leasing Summary
 
 
Lease Transactions Completed on a Per Square Foot Net Basis with Pricing Disclosed on TorontoMLS
 
 
 
 
 
 
 
 
 
Leased Square Feet
 
Average Lease Rate
 
Q2 2013
Q2 2012
% Change
 
 
Q2 2013
Q2 2012
% Change
Industrial
1,934,367
1,781,096
8.6%
 
Industrial
$4.84
$4.91
-1.5%
Commercial
217,011
180,995
19.9%
 
Commercial
$19.50
$17.31
12.6%
Office
258,121
154,667
66.9%
 
Office
$13.71
$12.27
11.8%
Total
2,409,499
2,116,759
13.8%
 
 
 
 
 
Source: TREB Commercial Division
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Second Quarter 2013: All Commercial Sale Transactions
 
 
 
Total Number of Sales on TorontoMLS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Sales
 
 
 
Q2 2013
Q2 2012
% Change
 
 
 
 
 
Industrial
151
130
16.2%
 
 
 
 
 
Commercial
133
115
15.7%
 
 
 
 
 
Office
68
75
-9.3%
 
 
 
 
 
Total
352
320
10.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Second Quarter 2013: Commercial Sales Completed with Pricing Disclosed on TorontoMLS
 
 
 
 
 
 
 
 
 
 
Sales (Price Disclosed)
 
Avg. Sale Price Per Sq. Ft. (Pricing Disclosed)
 
Q2 2013
Q2 2012
% Change
 
 
Q2 2013
Q2 2012
% Change
Industrial
105
105
0.0%
 
Industrial
$89.81
$95.08
-5.5%
Commercial
101
97
4.1%
 
Commercial
$163.65
$136.94
19.5%
Office
43
55
-21.8%
 
Office
$178.14
$195.44
-8.9%
Total
249
257
-3.1%
 
 
 
 
 
Source: TREB Commercial Division
 
 
 
 
 
 
 
 
 
 
 
 
NOTE: Some table totals may differ due to conversion and rounding.
 
READ FULL REPORT:  Courtesy of (TREB) 

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
  


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