TORONTO, August 7, 2014 - Toronto Real Estate Board President Paul Etherington
announced that TREB Commercial Network Members reported 360,808 square feet of
space leased on a per square foot net basis through the TorontoMLS system in July.
This result, which included transactions with pricing disclosed, was down from 696,939
square feet reported in July 2013. The amount of leased commercial/retail space was
up on a year-over-year basis, whereas the amount of industrial and office space leased
was down. Industrial properties accounted for 60 per cent of total square footage
"Commercial real estate transactions are often complex in nature, so it is common to
see volatility in the amount of space leased from one year to the next on a monthly
basis. While the amount of industrial space leased was down compared to July 2013,
the average industrial lease rate was up over the same period. Part of this increase
was due to the fact that there were fewer large spaces leased this past July compared
to last year. Smaller properties tend to command comparatively greater lease rates,"
said Mr. Etherington.
There were 71 combined industrial, commercial/retail and office properties sold through
the TorontoMLS system with pricing disclosed in July 2014. This result represented an
increase compared to July 2013, when 60 sales were reported. Sales for industrial and
commercial/retail properties were up year-over-year, while sales of office properties
Average sale prices on a per square foot basis were down in July for the major
commercial segments compared to last year. However, the dip in average selling prices
was driven, in large part, by a change in the composition of properties sold, both in
terms of geographic location in the GTA and the size of properties sold.