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Commercial Real Estate starting to heat up in Toronto area

February 19, 2010

GTA Commercial REALTORS® release Commercial Market Report

Source: (Toronto Real Estate Board)

TORONTO, February 18, 2010 — Last month, Toronto Real Estate Board Commercial Members reported 660,815 square feet of leased space. This result was a substantial increase compared to the 336,029 leased square feet recorded in January of 2009, when the rate of economic decline was greatest during the recent recession.

According to Commercial Council Chair Garry Lander, Two quarters of growth in the Canadian economy coupled with six straight months of employment growth in the GTA suggests that recovery has taken hold. Commercial transactions in 2010 should improve over 2009 levels as recovery continues in the goods producing and service sectors.”

Lease rates fell in January. Industrial space in all size categories leased for $4.60 per sfn (square foot net), a 14% decline from the $5.38 per sfn recorded in the same month last year.  Commercial space fell 23% to 14.59 per sfn from $18.90 per sfn last year. Office space traded for $10.83 per sfn, down 8% from $11.73 per sfn in January 2009.  Sales Market Highlights TREB Commercial Members recorded 42 sales of IC&I properties in January, including 16 industrial buildings of all size categories which averaged $62.41 per square foot. This compares to a figure of $46.73 per square foot derived from non-MLS sources.

Ryan Chelak is a real estate broker in Oakville & Mississauga and longtime Oakville resident. Subscribe to my blog to keep up to date on local news, information, events and of course everything you want to know about Oakville & Mississauga real estate.

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