While residential sales in the GTA are on fire, there is also positive movement in the commercial real estate sector. The Toronto Real Estate Board says that in the first three months of this year lease agreements were signed for a combined 6,381,533 square feet of industrial, commercial/retail and office space - a 6.9 per cent increase compared to the first quarter of 2015.
“The uptick in the amount of commercial space leased in the first quarter is a promising sign and may follow along with the strong result for Canadian economic growth recently reported by Statistics Canada for January 2016. What was interesting from the most recent GDP release was the fact that goods producing sectors were key drivers of growth, which is obviously a good news story when it comes to industrial-focused properties,” said TREB president Mark McLean.
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