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Leased commercial space up 132% in July: Toronto Real Estate Board

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by -Rcd Digital Media

Toronto Real Estate Board commercial members reported 724,590 square feet of leased space in July — a 132 per cent increase from the 312,771 square feet of leased space recorded in July 2009.

Toronto Real Estate Board commercial members reported 724,590 square feet of leased space in July — a 132 per cent increase from the 312,771 square feet of leased space recorded in July 2009.

TREB commercial members leased 644,830 square feet of industrial space, up 176 per cent over last July’s total of 233,342 square feet.

They leased 47,406 square feet of commercial space, up 20 per cent over July 2009’s 39,575 figure.

And 32,354 square feet of office space was leased, down 19 per cent from the 39,854 square feet recorded during the same month last year.

Average lease rates were mixed in July, TREB reports. Industrial lease rates for all size categories rose four per cent to $5.53 per square foot net (SFN) from the $5.33/SFN recorded in July 2009.

Commercial space leased for an average of $19.75/SFN, up 24 per cent from the $15.91/SFN recorded for the same month last year. Office space leased for a rate of 10.28/SFN, down 14 per cent from $11.98/SFN last July.

TREB Members recorded 45 sales of ICI (industrial-commercial-institutional) properties in July, including 24 industrial buildings of all size categories, which sold for an average of $61.35 per square foot, and 21 commercial properties which sold for an average of $21.15 per square foot.

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