The commercial real estate market in the Greater Toronto Area saw a slip in January compared to a year earlier.

The Toronto Real Estate Board says that its members reported 345,658 square feet of combined industrial, commercial/retail and office space leased through the TREB MLS® System, on a per square foot net basis with pricing disclosed, a drop from 555,606 square feet in January 2016.

“As we move through 2017, the demand for commercial real estate will depend on a number of factors, including the level of business confidence and economic direction of key trading partners,” said TREB president Larry Cerqua. “If GTA businesses remain confident in the direction of the economy at the national, provincial and regional levels, it is possible that we will see further growth in commercial leasing and transactions.”

Sales transactions in January were little changed from January 2016 with the industrial sector gaining while the sale of commercial/retail and office units lower.

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