Wednesday, July 16, 2008

June Breaks 1,000,000 Square Foot Barrier

In June, TREB Members reported 1,017,518 square feet of space through the TorontoMLS system, Commercial Council Chair Garry Lander announced today.

“This is the second best monthly performance for the year,” said Mr. Lander. “…and it was largely driven by the lease of a number of 100,000 square foot plus Industrial properties in the Vaughan area. One of the changes in the MLS® system over the past several years has been the increasing willingness with which TREB’s Commercial Members have used it to list properties of a significant size.”
On the pricing front, leased Industrial space (all size categories) averaged $5.77 sfn, up three per cent over last June’s figure of $5.63sfn. Commercial space (all size categories) traded for an average of $16.75 sfn, up nine per cent over the same time in 2007.

Sales Market Highlights

In June, TREB Members reported 53 sales of IC&I properties, including 23 Industrial buildings in all size categories that sold for $127.36 per square foot. This compares to the $175.47 per sf derived from non-MLS® sources, which saw a number of unusually expensive Industrial properties transact in the last month.

Members of the Toronto Real Estate Board’s Commercial Division adhere to a strict Code of Ethics and Standards of Business Practice, only those who have met the standards established by their peers are eligible to become Members.

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