Toronto’s commercial sector – III Quarter 2016
The Toronto Real Estate board just released the data for Q3. The Toronto’s commercial sector is continuing to grow. Real estate agents are reporting a rise in leased space.
Toronto Real Estate Board’s data pictures a 34.8 % increase year-over-year. A combined 6,592,818 square feet of industrial, commercial/retail and office space leased represents a “substantial” increase when compared with 2015, although the 2015 figures were sharply lower than 2014.
“The G.T.A. has benefited from a diverse economic base and, as a result, the regional economy has been relatively strong with the unemployment rate generally trending lower,” commented TREB president Larry Cerqua.
“This may be why we experienced an uptick in leasing activity. However, there remains some uncertainty in the economic outlook, especially as it relates to exports, and this could impact commercial leasing and sales activity moving forward,” he added.
The number of combined industrial, commercial/retail and office property transactions was down in Q3 2016 compared to a year earlier, with 216 properties changing hands versus 327 properties in Q3 2015; however, average selling prices proved able to recover from difficult conditions.
(The full T.R.E.B. report is available at communications3.torontomls.net/statistics/comwatch/index.htm )