GTA Commercial REALTORS® Release Monthly Commercial Market Figures
Posted by: Toronto Real Estate Admin / Category: Toronto Realtor
GTA Commercial REALTORS Release MonthlyCommercial Market Figures
TORONTO, December 5, 2012 – Toronto Real Estate Board (TREB) Commercial Division Members
reported 486,656 leased square feet of industrial, commercial/retail and office
space through the TorontoMLS system in November 2012. This result was down by 27 per cent in
comparison to November 2011.
Industrial
properties accounted for 85 per cent of space leased, or 413,886 square feet –
down by 21 per cent compared to last year. While the amount of industrial space leased was down year-over-year, the
average lease rate for transactions undertaken on a per square foot net basis was up by four per cent to $5.14.
“A key
theme in any discussion regarding the Canadian economy this year has been
uncertainty. While economic growth in
Canada continues to be driven by domestic consumer and business spending,
growth in the export sector, which is so important to industrial concerns in the
GTA, has continued to be anemic. Recession in Europe and slow growth in the United States and Asia have
been at the root of this problem. This
economic uncertainty has translated into less industrial space leased compared
to a year ago, as some firms have put their real estate investment decisions on
hold,” said TREB Commercial Division Chair Cynthia Lai.
There were
50 sales of industrial, commercial/retail and office properties in November
2012 – down by 19 per cent in comparison to November 2011. Sales were more evenly distributed by market
segment, in comparison to the leasing market, with 36 per cent of transactions
accounted for by industrial properties, 42 per cent accounted for by
commercial/retail properties and 22 per cent accounted for by office
properties.
The average
selling price per square foot for transactions where pricing was disclosed was
up on a year-over-year basis for industrial and commercial/retail properties,
while the price was down for office properties.
“The
year-over-year change in the average selling prices was likely due to a
combination of a change in market conditions in some parts of the GTA compared
to last year and a change in the mix of properties sold this year compared to
last,” added Lai.
November 2012: Per Square Foot Net Commercial Leasing Summary
Lease Transactions Completed on a Per Square Foot Net Basis with
Pricing Disclosed on TorontoMLS
Leased Sq. Ft. (Price Disclosed, Per Sq.Ft.
Net)
Avg. Lease Rate (Price Disclosed, Per Sq.Ft.
Net)
Nov.
2012
Nov.
2011
% Change
Nov.
2012
Nov.
2011
% Change
Industrial
413,886
525,743
-21.3%
Industrial
$5.14
$4.94
4.1%
Commercial
47,087
81,597
-42.3%
Commercial
$19.11
$18.77
1.8%
Office
25,683
58,197
-55.9%
Office
$14.10
$12.40
13.7%
Total
486,656
665,537
-26.9%
Source: TREB Commercial Division
November 2012: Commercial Sales Completed with Pricing Disclosed on
TorontoMLS
Sales
(Price Disclosed)
Avg.
Sale Price Per Sq. Ft. (Pricing Disclosed)
Nov.
2012
Nov.
2011
% Change
Nov.
2012
Nov.
2011
% Change
Industrial
18
24
-25.0%
Industrial
$84.55
$73.67
14.8%
Commercial
21
25
-16.0%
Commercial
$251.46
$194.42
29.3%
Office
11
13
-15.4%
Office
$157.34
$233.45
-32.6%
Total
50
62
-19.4%
Source: TREB Commercial Division
For information about Buyer Representation Agreements
(BRA) visit www.BRAFirst.ca
For Media/Public Inquiries: Mary Gallagher, Senior
Manager Media Relations.
Toronto
Real Estate Board 1400 Don Mills Road Toronto, ON M3B 3N1, Office: (416)
443-8158, Email:maryg@trebnet.com
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Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2012/nr_comm_watch_1112.htm
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