Over 500,000 Square Feet Leased In June

Last month, TREB Members reported 560,425 square feet of
leased space, in comparison to the 1,017,518 leased square feet recorded in June of 2008, Commercial Council Chair Garry Lander reported today. “The pace of activity remains below last year, in line with the performance of the general economy,” Mr. Lander noted.

Prices were mixed in June. Industrial space in all size categories leased for $4.79 sfn, down 17% from the $5.78 recorded in June 2008. Commercial space traded for $13.47 sfn, down 20% from the $16.75 figure seen during the same month last year. Finally, office space traded for $14.69 , up 24% from last June’s $11.81 sfn figure, a possible indicator that higher quality office space is being listed on the MLS in the face of a challenging market.

Sales Market Highlights

TREB Members recorded 59 sales of IC&I properties in June, including 28 industrial buildings of all size categories which averaged $82.91 per square foot This compares to the $65.26 per square foot obtained from non-MLS sources.

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Source : Toronto Real Estate Board