Toronto Real Estate Board

Toronto Real Estate Board

June 12, 2008 09:19 ET

Toronto Real Estate Board: More Than 700,000 Square Feet Leased in May

TORONTO, ONTARIO--(Marketwire - June 12, 2008) - TREB Commercial Members reported 717,361 square feet of leased space through the TorontoMLS system in May, Commercial Council Chair Garry Lander announced today. This figure is down 27 per cent from the 990,715 square feet recorded in May of 2007. "Thus far in 2008 there has been more than four million square feet of space traded through the MLS® system," Mr. Lander said.

Prices for leased industrial space (all size categories) averaged $6.08 sfn in May, down one per cent from the figure of $6.14 sfn recorded during May of 2007. Prices for commercial space in all size categories averaged $14.43 sfn, a nine per cent decline from last May.

Sales Market Highlights

TREB Commercial Members reported 60 sales of Industrial/Commercial properties in May of 2008. Of these, 36 were Industrial properties of all size categories, which sold for an a average of $95.93 per square foot. This compares to a figure of $100.29 per square foot from non-MLS® sources, due to the sale of a number of unusually expensive industrial buildings last month.

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.

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