Looking for Tenders

Article

Commercial leased space jumps in GTA

0 37 Home

by Dcn Digital Media

Over 5.8 million square feet of space was leased in the third quarter of 2013, according to the latest commercial market figures by the Toronto Real Estate Board (TREB) Commercial Division Members, a 23 per cent jump from the same time last year.

TORONTO

Over 5.8 million square feet of space was leased in the third quarter of 2013, according to the latest commercial market figures by the Toronto Real Estate Board (TREB) Commercial Division Members, a 23 per cent jump from the same time last year.

The increase was lead by more industrial leasing activity, which was up 31 per cent on a year-over-year basis at 4.6 million square feet leased.

Leased industrial space made up 80 per cent of all leasing activity in the quarter. The average lease rate for industrial spaces remained the same from the same period last year at $5.03 per square foot.

The average lease price for commercial/retail and office spaces took a 13.1 per cent and 14.5 per cent hike, sitting at $16.24 and $12.40 respectively.

“The annual growth in the amount of space leased in the third quarter, particularly in the industrial market segment, suggests that businesses in the Greater Toronto Area are expecting stronger growth over the next year,” said TREB commercial division chair Cynthia Lai.

“In anticipation of more robust economic activity, many of these businesses have taken on more space in order to account for increased demand for their goods or services moving forward.”

There were a total of 280 sales in the quarter for commercial/retail and office property which remains unchanged from 2012 figures.

Follow @DCN_Canada on Twitter.

Leave a comment

Or register to be able to comment.

Copyright ConstructConnect TM. All rights reserved. "ConstructConnect" is a dba for CMD Holdings.
The following rules apply to the use of this site:
Terms of Use and Privacy Statement