New data from the Toronto Real Estate Board show that less commercial space in the area was leased in July 2015 compared to a year earlier. There was a combined 323,761 square feet of leased industrial, commercial/retail and office space in the month, down 11.6 per cent from the same month in 2014. Average industrial lease rates were down to $5.22 per square foot from $5.48 from a year earlier; retail rates were higher on average; office rates averaged 15 per cent less than in July 2014.
TREB president Mark McLean said that the GTA economy is doing well and should fuel commercial real estate activity going forward but noted: “While commercial transactions can be volatile on a month-to-month basis, it is also likely that an uncertain economic outlook weighed on some firms’ decision to relocate and/or take on more space.”
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