TORONTO, ONTARIO, July 5, 2018 – Toronto Real Estate Board President Garry Bhaura announced commercial leasing and sales statistics reported through TREB’s MLS® System during the second quarter of 2018.
TREB Commercial Network Members reported nearly 6.7 million square feet of industrial, commercial/retail and office space leased through TREB’s MLS® System in Q2 2018. This result represented an increase of 2.2 per cent in comparison to 6.5 million square feet reported leased in Q22017. Industrial space accounted for nearly three-quarters of total leased space.
Year-over-year changes in average lease rates reported on a per square foot net basis for transactions with pricing disclosed were mixed. The average industrial lease rate was up to $7.63 in Q2 2018 from $6.11 in Q22017. The average commercial/retail lease rate was basically flat year-over-year. In the office segment, the average lease rate increased to$15.21 from $13.98 a year earlier.