There was a 10.7% drop in commercial leasing and sales in the Greater Toronto Area in the second quarter of 2017 compared to the first.

Toronto Real Estate Board members reported 6.5 million square feet of office, industrial and commercial/retail space was leased in the three month period with the industrial component accounting for around three quarters.

Industrial and commercial lease rates saw strong gains (10.7% and 21.8% respectively) but office rates were down more than 8%.

Sales were down to 304 from 390 in the previous quarter.

“By all accounts, the Canadian and GTA economy seems to be performing quite well. In the GTA, the unemployment rate remains low from a historic perspective. However, concerns do still exist with regard to sustained growth in the level of exports and business investment, which is especially important to the industrial market segment. Sustained growth in these areas of the economy moving forward, will likely correlate with sustained growth in commercial real estate transactions,” said TREB president Tim Syrianos.

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