Last month, TREB Commercial Members reported 660,815 square feet of leased space. This result was a substantial increase compared to the 336,029 leased square feet recorded in January of 2009, when the rate of economic decline was greatest during the recent recession.
According to Commercial Council Chair Garry Lander, "Two quarters of growth in the Canadian economy coupled with six straight months of employment growth in the GTA suggests that recovery has taken hold. Commercial transactions in 2010 should improve over 2009 levels as recovery continues in the goods producing and service sectors."
Lease rates fell in January. Industrial space in all size categories leased for $4.60 per sfn (square foot net), a 14 per cent decline from the $5.38 per sfn recorded in the same month last year. Commercial space fell 23 per cent to $14.59 per sfn from $18.90 per sfn last year. Office space traded for $10.83 per sfn, down 8 per cent from $11.73 per sfn in January 2009.
SALES Market Highlights
The Net rent figures noted below are regional averages for the entire GTA (Greater Toronto Area) MLS market. If you require assistance with rates for Yorkville please send a short email with your request using the “Contact” tab above.
