TREB Releases Q3 2019 Commercial Statistics
Toronto, October 11, 2019 - Toronto Real Estate Board
President Michael Collins announced that TREB Commercial Network Members
reported 6,295,432 square feet of leased space in Q3 2019 for all lease
transactions types across the industrial, commercial/retail and office market
segments. This result represented an 8.7 per cent decline compared to Q3 of
Year-over-year changes in average per square foot net lease
rates, for transactions with pricing disclosed, were mixed in Q3 2019. The
average commercial/retail lease rate rose to $26.75 in Q3 2019 from $25.71 in
Q3 2018. The industrial lease rate was down to $7.43 from $7.80, and the office
lease rate declined from $14.89 in Q3 2018 to $13.07 in Q3 2019.
It is important to note that annual changes in average lease
rates can be the result of changing market conditions and changes in the mix of
properties leased from one year to the next, in terms of location, size, mix
and other related variables.
“The Greater Toronto Area continues to be a key centre of
economic activity in North America, as evidenced by our low unemployment rate,
strong population growth and consistently high standing in global city
rankings. Barring any large-scale economic shock, the GTA should continue to
see strong investment in all segments of commercial real estate moving
forward,” said Mr. Collins.
Total commercial sales amounted to 222 in Q3 2019, down by
73 transactions compared to 295 sales reported in Q3 2018. Yearover-year
declines were noted across all market segments.