Reflecting a trend of sustained demand over the past few years, the total amount of commercial space leased in Toronto shot up by 13.5% on a year-over-year basis during the first quarter of 2018, according to the city’s real estate board.
TREB’s commercial arm reported 6,277,221 square feet of combined commercial, industrial, retail, and office space leased through the Board’s MLS® system. Over 70% of this space was in the industrial segment, with deals ironed out on more than 4.5 million square feet, up from approximately 3.9 million square feet during Q1 2017.
“The current economic climate for the GTA is one filled with robust employment opportunities, which foster immigration-based population growth. Companies continue to seek out talented professionals across a number of different sectors, and this is reflected in the leasing activity,” TREB president Tim Syrianos stated in a news release.
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“Despite some trade-related uncertainty south of the border, the strong start for leasing activity could be a leading indicator of continued strength in the local economy in 2018,” Syrianos added.
Overall, 187 combined commercial, retail, industrial, and office transactions took place in Toronto in Q1 2018. Average sale prices on a per square foot basis for transactions with pricing disclosed were up for the industrial and commercial/retail segments, while prices exhibited a slight dip for the office segment.