TORONTO, ONTARIO, April 4, 2018 – Toronto Real Estate Board President Tim Syrianos announced commercial leasing and sales transactions reported through TREB’s MLS® System for the first quarter of 2018.
TREB Commercial Network Members reported 6,277,221 square feet of combined industrial, commercial/retail and office space leased through TREB’s MLS® system. This result represented a 13.5% increase from Q12017 when 5,532,412 square feet of space was leased.
Over 70 per cent of total space leased was in the industrial market segment, with deals reached on more than 4.5 million square feet. This result was up from approximately 3.9 million square feet reported duringQ1 2017.
Average lease rates reported on a per square foot net basis for transactions with pricing disclosed were up for all major market segments.Some of these increases were likely reflective of a robust regionaleconomy in the Greater Toronto Area. However, it is also important tonote that average lease rates are also affected by changes in thecomposition of deals from one year to the next, in terms of property type,size and location.