Construction/Building — February 5, 2013GTA Commercial REALTORS® Report Commercial Market Figures
TORONTO, ONTARIO--(Marketwire - Feb. 5, 2013) - Toronto Real Estate Board (TREB) Commercial Division Members reported almost 392,000 square feet of leased industrial, commercial/retail and office space through the TorontoMLS system in January of 2013. This result, for properties sold on a per square foot net basis and for which pricing was disclosed at time of reporting, was down by approximately 15 per cent in comparison to January 2012.
More than 75 per cent of space leased in January involved industrial properties. The amount of leased industrial space was down by close to 25 per cent compared to January 2012. The average lease rate was $5.25 per square foot net. This average rate represented an 11 per cent increase compared to January 2012.
"A slow recovery in the export sector has presented headwinds for the industrial sector. However, the consensus outlook is for continued economic growth in 2013 in Canada. It is felt that improving global economic conditions will bolster exports. With this outlook in mind, it is likely that some industrial firms who put real estate investment on hold will once again become active in the market," said TREB Commercial Division Chair Cynthia Lai.
There were a combined 40 industrial, commercial/retail and office transactions in January - down from 58 sales in January 2012. The change in the average selling price per square foot was mixed and remained somewhat volatile on a year-over-year basis due to changes in the type, size and location of properties sold in January 2013 versus January 2012.
"The large annual rate of price growth for industrial properties was due to the fact that no property larger than 50,000 square feet sold this past January versus four such transactions in January 2012. Larger properties generally sell at a lower price per square foot," said Lai.
"In the office market, the overall average selling price for January was up substantially over last year because the geographic breakdown of sales changed. This year there were more office transactions in the City of Toronto. All else being equal, office selling prices in the City of Toronto are higher compared to surrounding regions," continued Lai.
January 2013: 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|
January 2013: Commercial Sales Completed with Pricing Disclosed on TorontoMLS
|Sales (Price Disclosed)||Avg. Sale Price Per Sq. Ft. (Pricing Disclosed)|
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 36,000 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
New Affordable Housing Open in Regina (2014-04-14)
Nouvelle maison d'hébergement d'urgence à Melfort (2014-04-11)
New Emergency Shelter in Melfort (2014-04-11)
Media Advisory: New Emergency Shelter in Melfort (2014-04-10)
|MOST POPULAR STORIES|
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 415 projects with a total value of $3,354,507,550 that Reed Construction Data Building Reports reported on Tuesday.
$200,000,000 Milton ON Tenders
$55,000,000 Ottawa ON Negotiated
$30,000,000 Lennox and Addington Co ON Negotiated
- Youth get hands-on at Future Building expo
- Taskgroup to work on engaging Aboriginal communities
- World Cup stadium strike comes to an end
- Former Quebec construction boss admits collusion involvement
- Manufacturing labour shortage to get a boost from government
- LEED-approved projects are booming in 2014
- Large wave of project enter Holcim Awards competition
- Former finance minister Jim Flaherty has died
- Siemens Canada awarded first wind turbine order in Saskatchewan
- Journal of Commerce Preview for the week of April 21st, 2014
- Fort McMurray airport terminal getting ready for take off
- B.C. government forms liquefied natural gas working group
- Kitimat residents vote against Northern Gateway pipeline
- Precast concrete enables net-zero homes
- Learning to dig safely can save lives
- Ex construction boss admits to collusion in government contracts
- P3 Fund launches
- Supreme court won't hear case involving construction mogul
- Minister spurns spat over plant