With 1,184,614 square feet of space transacted in December, the TorontoMLS system saw a grand total of 11,961,934 square feet leased during the whole of 2008. This is down eight per cent from the 13,000,883 figure recorded in 2007.
“This result demonstrates that the commercial market has not escaped the downward economic pressures of the last several quarters. Nevertheless, it still compares favourably (up three per cent) with the 11,561,720 figure recorded in 2006,” says Commercial Council Chair Garry Lander.
Lease rates for industrial properties (all size categories) rose marginally in December, to $5.40 sfn from December 2007’s $5.38 sfn. Commercial properties leased for an average of $14.63 sfn, up 12 per cent over last year’s figure of $13.11 sfn.
Toronto Real Estate Board members reported 32 commercial/industrial sales in December. Of these, 18 were of industrial properties in all size categories, which averaged $97.65 per square foot. This compares to a figure of $62.11 derived from non-MLS sources.