Toronto Real Estate Board

Toronto Real Estate Board

November 18, 2009 10:23 ET

TREB: Commercial Market Continues Recovery

TORONTO, ONTARIO--(Marketwire - Nov. 18, 2009) - Last month, TREB Commercial Members reported 625,841 square feet of leased space. This result was down 64 per cent from the 1,749,657 square feet recorded in October of 2008, but up two per cent over the September figure of 614,830, and the best monthly performance since May.

"While the commercial real estate market remains softer than last year, leading indicators are pointing toward better results as we move into 2010," said Commercial Council Chair Garry Lander. "Business confidence is increasing, suggesting that many firms will be looking to increase output over the next year.

This should lead to improved demand for commercial space." Lease rates were mixed last month. Industrial space (all size categories) leased for an average of $5.78 per square foot net (sfn), up six per cent from the $5.43 per sfn recorded in October 2008. Commercial space fell nine per cent to $14.74 per sfn from last October's $16.16 per sfn figure. Finally, the rate for office space was $9.11 per sfn, a decline of 24 per cent from the $11.96 per sfn recorded during the same month last year.

Sales Market Highlights

In October, TREB Commercial Members recorded 58 sales of IC&I properties, including 34 industrial buildings of all size categories which averaged $51.90 per square foot. This compares to a figure of $65.95 derived from non-MLS sources.

For a complete copy of the Commercial Realty Watch visit www.TREBCommercial.com

Members of the Toronto Real Estate Board's Commercial Division adhere to a strict Code of Ethics and Standards of Business Practice, only those who have met the standards established by their peers are eligible to become Members.

Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.

Contact Information

  • For Media/Public Inquiries:
    Toronto Real Estate Board
    Mary Gallagher, Manager Media Relations
    (416) 443-8158
    maryg@trebnet.com