March 4, 2010
It’s official, commercial real estate has joined the party! According to the Toronto Real Estate Board, there was a 28 per cent increase in leased square feet last month, over Feb 2009.
“During the first two months of 2010, the GTA commercial real estate market has outperformed the same period in 2009,” said Commercial Council Chair Garry Lander. “Key economic indicators, including this week’s strong fourth quarter GDP result, suggest that the Canadian economy continues to improve and that economic growth is becoming better distributed across all sectors of the economy.”
“Look for positive results to continue in the commercial market, especially as we start to see more hiring in the GTA,” added Lander.
Lease rates were mixed in February. Industrial space of all size categories fell seven
per cent to $4.80 per square foot net (sfn) from the February 2009 figure of $5.17 per
sfn. Commercial space traded for $20.89 per sfn, up 10 per cent from the $19.02 per
sfn figure recorded last year. Leased office space also rose in price, trading for $12.95
per sfn, which is up 23 per cent from the February 2009 figure of $10.57 per sfn.