GTA commercial leasing activity down by a third
Commercial leasing in the Greater Toronto Area was down 33.6 per cent in November compared to a year earlier, the Toronto Real Estate Board said.
There was a combined 286,265 square feet of space leased through the board’s MLS system in November with net pricing disclosed. Rates increased for industrial, office and commercial/retail.
“The most recent results for Gross Domestic Product in Canada presented some positive indicators for the economy and commercial real estate market,” said TREB president Larry Cerqua. “
With exports increasing, Mr Cerqua noted: “If this trend continues, it is possible that some firms may look at further investment in real estate in anticipation of increased demand for the products they produce.”
There were 48 commercial sales in November, the same as a year earlier, however offices took the largest share last month, compared to industrial in November 2015.
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