Almost 600,000 square feet leased in August, says Toronto Real Estate Board

Last month, Toronto Real Estate Board (TREB) members reported 571,751 square feet of leased space, down 31 per cent from the 830,317 square feet recorded in August of 2008. “The amount of leased space continues to be lower than last year’s levels as companies are waiting to re-negotiate current leases or negotiate agreements on new space until they are more confident as to when economic recovery will take hold,” said Commercial Council Chair Garry Lander. “The outlook on the economy will determine availability and pricing.”

Rental rates for IC&I properties were mixed compared to year-ago levels. Industrial space (all size categories) leased for $5.20 sfn, down nine per cent from the $5.70 recorded in August of 2008. Commercial space traded for $19.75 sfn, up four per cent from the $18.98 figure seen during the same month last year. Finally, office space traded for $12.34, up three per cent from the $11.98 sfn figure recorded during August, 2008.

TREB Members recorded 50 sales of IC&I properties in June, including 24 industrial buildings of all size categories which averaged $91.66 per square foot. This compare to the $66.97 per square foot obtained from non-MLS sources.

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