Toronto Real Estate Board

Toronto Real Estate Board

December 17, 2009 10:20 ET

Toronto Real Estate Board: Almost 500,000 Square Feet of Space Traded in November

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2009) - TREB Commercial Members reported 468,350 square feet of leased space in November, down 58 per cent from the 1,113,195 square feet recorded in November of 2008, Commercial Council Chair Garry Lander announced today.

"While both the monthly and year-to-date figures are considerably below 2008 levels, recent economic news, including third quarter GDP growth and November employment gains, suggests that the health of the commercial real estate market should improve in 2010."

Prices were mixed in November. Industrial space in all size categories leased for $5.69 per square foot net (sfn), up three per cent from the $5.51 per sfn recorded in November of 2008. Office space traded for $12.83 per sfn, up 27 per cent from the $10.10 per sfn figure recorded last November.

However, prices for commercial space fell nine per cent to $16.65 per sfn from the same time in 2008.

Sales Market Highlights

TREB Commercial Members recorded 51 sales of IC&I properties in November, including 26 industrial buildings of all size categories which averaged $95.49 per square foot. This compares to a figure of $85.73 per square foot 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