There was a decrease in the commercial real estate space leased in the GTA in the third quarter.
The total of 6,295,432 square feet leased in the commercial/retail, industrial, and office sectors by members of the Toronto Real Estate Board’s Commercial Network is a decline of 8.7% from a year earlier.
The industrial sector posted a 12.4% decrease, commercial was down 7.7%, and offices slipped 1.3%.
Average lease rates (where pricing was disclosed) was down for industrial (to $7.43 from $7.80) and offices (to $13.07 from $14.89) but increased for commercial/retail (to $26.75 from $25.71).
There were 73 fewer sales of commercial properties in Q3 2019 compared to a year earlier with a total of 295. Lower sales were seen across all three market segments.
But despite the weaker figures, TREB president Michael Collins remains positive.
“The Greater Toronto Area continues to be a key centre of economic activity in North America, as evidenced by our low unemployment rate, strong population growth and consistently high standing in global city rankings. Barring any large-scale economic shock, the GTA should continue to see strong investment in all segments of commercial real estate moving forward,” he said.