Construction/Building — November 3, 2012GTA Commercial REALTORS® Report Commercial Market Figures
TORONTO, ONTARIO--(Marketwire - Nov. 3, 2012) - Toronto Real Estate Board (TREB) Commercial Division Members reported almost 791,000 square feet of leased commercial space in October 2012 (calculated for transactions completed on a per square foot net basis for which pricing was disclosed). This represented a 41 per cent increase compared to October 2011.
Following the historic norm for commercial transactions through the TorontoMLS system, industrial lease agreements accounted for 87 per cent of lease transactions on a square foot basis. The average industrial lease rate was $3.97 per square foot net - down by eight per cent compared to the average rate reported for October 2011.
"I am cautiously optimistic about the fact that overall lease transactions through the TorontoMLS system were up year-over-year in October. Business investment has been and is forecast to continue to be a major driver of Canadian economic growth. It makes sense that some of this investment has and will be pointed toward the commercial real estate market in the Greater Toronto Area," said TREB Commercial Division Chair Cynthia Lai.
"It is likely that we will continue to see some volatility in monthly commercial transactions. Economic growth in Canada is still being constrained by global economic difficulties, which have acted as a drag on the Canadian export sector. As a result, manufacturing output remains below the pre-recession peak, which remains an issue for the industrial real estate market," continued Lai.
The number of commercial sales in October was down by almost 11 per cent year-over-year to 49. Sales of industrial properties were up compared to October 2011, but this increase was more than offset by declines in commercial/retail and office transactions. Annual growth in average selling prices per square foot (for transactions where pricing was disclosed) was mixed. The average industrial selling price was down, whereas average commercial/retail and office prices were up compared to October 2011. Price growth can be effected by changing market conditions as well as differences in the mix of properties sold in one year versus the next.
October 2012: Per Square Foot Net Commercial Leasing Summary
Lease Transactions Completed on a Per Square Foot Net Basis with Pricing Disclosed on TorontoMLS
|Leased Sq. Ft. (Price Disclosed, Per Sq.Ft. Net)||Avg. Lease Rate (Price Disclosed, Per Sq.Ft. Net)|
|Source: TREB Commercial Division|
|October 2012: Commercial Sales Completed with Pricing Disclosed on TorontoMLS|
|Sales (Price Disclosed)||Avg. Sale Price Per Sq. Ft. (Pricing Disclosed)|
|Source: TREB Commercial Division|
Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 35,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.
Get the latest real estate news and Market Watch information including market watch summary video.
Senior Manager Public Affairs
Latest Industry Press Releases
Black Diamond Group Limited Announces April Dividend (2014-04-17)
|MOST POPULAR STORIES|
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 376 projects with a total value of $1,488,736,331 that Reed Construction Data Building Reports reported on Monday.
$79,500,000 Toronto ON Prebid
$43,000,000 Clarington ON Negotiated
$30,000,000 Ottawa ON Negotiated
- VIDEO: Debate still strong as OCOT turns one
- P3s gaining acceptance according to survey
- Office Job
- Wilson Station Stop
- MCAC and CIPH take Parliament Hill
- Construction progresses on Eglinton Crosstown LRT
- RFP issued for Highway 407 East
- Ontario announces May 1 budget date
- Arup to design wellhead platform concrete gravity structure for White Rose Extension Project
- Journal of Commerce Preview for the week of April 21st, 2014
- Truss Lift
- B.C. government reverses sweet gas deregulation
- CCA looking to engage Aboriginal communities with new taskforce
- Pembina Pipelines building regional headquarters in Alberta
- Biomaterials growing on construction
- Manitoba town is a design showcase
- Saskatchewan wind project moves forward
- Suncor worker death investigated
- Olympic builders return to the job