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

 

 

Greater Toronto REALTORS are passionate about their work.
They adhere to a strict Code of Ethics and share a state-of-the-art Multiple
Listing Service. Serving over 35,000 Members in the Greater Toronto Area,
the Toronto Real Estate Board is Canadas largest real estate board. Greater
Toronto Area open house listings are available on www.TorontoRealEstateBoard.com

 

 

Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2012/nr_comm_watch_1112.htm

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