Commercial market activity in the Greater Toronto Area was lower in October as combined leased space fell 17.3 per cent year-over-year to 365,659 square feet.
Toronto Real Estate Board reported that 85 per cent of the leased space was for industrial units. Sales in the market was down from 69 in October 2015 to 59 in October 2016.
“Commercial leasing and sales activity can be volatile on a month-to-month basis. Many deals are complex and can take a significant amount of time to go firm,” explained Larry Cerqua, TREB president. “It is also important to note that businesses and investors continue to face a certain degree of economic uncertainty, which can influence the decision to purchase or lease space.”
Average lease rates ticked higher across all three commercial sectors while sales prices were lower than a year earlier.
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