Commercial real estate activity in the Greater Toronto Area was weaker in August than a year earlier but one segment stood out for its continued strength.
The Toronto Real Estate Board says that its Commercial Network members reported more than 275,000 square feet of leased space, in transactions undertaken on a per square foot net basis with pricing disclosed, across the industrial, commercial/retail and office market segments.
Industrial continued to account for the majority of the space leased, two thirds of the total, and this sector grew substantially while the overall amount of leased space was down year-over-year.
"The regional economy in the Greater Toronto Area remains very healthy. The unemployment rate is low from a historic perspective, which suggests positive conditions for many businesses operating in the GTA and Greater Golden Horseshoe more broadly. While we certainly must be mindful of the potential impacts of trade-related issues, it seems like conditions are in place to keep the demand for commercial real estate strong moving forward," said TREB president Garry Bhaura.
Sales up from last year
There was an increase in combined industrial, commercial/retail and office sales transactions in August with 39 compared to last August’s 34.