Commercial activity in the Greater Toronto Area increased in the first quarter of 2018.
A combined 6,277,221 square feet of industrial, commercial/retail and office space was leased through the MLS system of Toronto Real Estate Board’s commercial network, a 13.5% increase year-over-year.
Industrial properties continue to dominate the sector, accounting for 70% of all activity in the quarter.
“The current economic climate for the GTA is one filled with robust employment opportunities, which foster immigration-based population growth,” said TREB president Tim Syrianos. “Companies continue to seek out talented professionals across a number of different sectors, and this is reflected in the leasing activity. It follows that if companies are hiring, many are also looking to take on more space. Despite some trade-related uncertainty south of the border, the strong start for leasing activity could be a leading indicator of continued strength in the local economy in 2018.”