GTA Commercial REALTORS® Report Commercial Market Figures

TRREB Reports Q1 2020 Commercial Statistics

TRREB Commercial Network Members reported 4,601,809 square feet of leased space through TRREB's MLS® System in Q1 2020 for all lease transactions types across the industrial, commercial/retail and office market segments. This result represented a 32 per cent decrease compared to Q1 2019.

It should be noted that a major driver of this decline was a dip in the number of deals for space greater than 100,000 square feet completed in Q1 2020 versus Q1 2019.

Year-over-year changes in average per square foot net lease rates, for transactions with pricing disclosed, were mixed in Q1 2019. The average industrial lease rate for Q1 2020 was $8.59, up from $7.72 in Q1 2019. The average office lease rate was $17.68, up from $14.86 in Q1 2019. The average commercial/retail lease rate was down to $17.39 from $19.54 in Q1 2019.

It is important to note that annual changes in average lease rates can be a result of changing market conditions and changes in the mix of properties leased from one year to the next, in terms of location, size, property type mix and other related variables.

Total commercial sales in Q1 2020 were down by 51 sales to 229, from 280 in Q1 2019. Sales in the industrial sector amounted to 68 in Q1 2020 – down from 110 sales in Q1 2019. Commercial/retail sales were down from 112 in Q1 2019 to 107 in Q1 2020. Office sales were 54 in Q1 2020, a drop from 58 sales in Q1 2019.

TREB Releases Q4 2019 Commercial Statistics

TREB Commercial Network Members reported 6,193,176 square feet of leased space in Q4 2019 for all lease transaction types across the industrial, commercial/retail and office market segments. This result represented a 12.5 per cent increase compared to Q4 of 2019.

Year-over-year changes in average price per square foot net lease rates, for transactions with pricing disclosed, were mixed in Q4 2019. The average industrial lease rate rose to $9.62 in Q4 2019 from $7.62 in Q4 2018. The average commercial/retail rate was down to $21.35 in Q4 2019 from $24.66 in Q4 2018. And the average office lease rate was down to $17.29 from $19.64 the previous year.

It is important to note that annual changes in average lease rates can be a result of changing market conditions and changes in the mix of properties leased from one year to the next, in terms of location, size, mix and other related variables.

Total commercial sales in Q4 2019 were 267, down by 10 transactions compared to 277 sales in Q4 2018. There was a decline in sales for the industrial sector, while the commercial/retail and office sectors had slight increases for Q4 2019.

TREB Releases Q3 2019 Commercial Statistics

Toronto, October 11, 2019 - Toronto Real Estate Board President Michael Collins announced that TREB Commercial Network Members reported 6,295,432 square feet of leased space in Q3 2019 for all lease transactions types across the industrial, commercial/retail and office market segments. This result represented an 8.7 per cent decline compared to Q3 of 2019.

Year-over-year changes in average per square foot net lease rates, for transactions with pricing disclosed, were mixed in Q3 2019. The average commercial/retail lease rate rose to $26.75 in Q3 2019 from $25.71 in Q3 2018. The industrial lease rate was down to $7.43 from $7.80, and the office lease rate declined from $14.89 in Q3 2018 to $13.07 in Q3 2019.

It is important to note that annual changes in average lease rates can be the result of changing market conditions and changes in the mix of properties leased from one year to the next, in terms of location, size, mix and other related variables.

“The Greater Toronto Area continues to be a key centre of economic activity in North America, as evidenced by our low unemployment rate, strong population growth and consistently high standing in global city rankings. Barring any large-scale economic shock, the GTA should continue to see strong investment in all segments of commercial real estate moving forward,” said Mr. Collins.

Total commercial sales amounted to 222 in Q3 2019, down by 73 transactions compared to 295 sales reported in Q3 2018. Yearover-year declines were noted across all market segments.

TREB Releases Q2 2019 Commercial Statistics

TORONTO, July 12, 2019- Toronto Real Estate Board President Michael Collins announced that TREB Commercial Network Members reported 5,616,171 square feet of leased space in Q2 2019 for all lease transaction types across the industrial, commercial/retail and office market segments. This result represented a 15.4 per cent decline compared to Q2 of 2018.

Year-over-year changes in average per square foot net lease rates, for transactions with pricing disclosed, were mixed in Q2 2019. The average industrial lease rate rose 10.9 per cent, and the office lease rate rose 3.9 per cent from $15.21 in Q2 2018 to $15.81 in 2019. 

Average Commercial/Retail lease rates declined 2.7 per cent year-over-year to $21.50.

It is important to note that annual changes in average lease rates can be the result of changing market conditions and changes in the mix of properties leased from one year to the next, in terms of location, size, mix and other related variables.

“The regional economy of the Greater Toronto Area remains strong, as evidenced by very low unemployment from a historic perspective. Despite some shorter-term global issues associated with trade and tariffs, the longer-term growth prospects for the region’s economy are solid. This certainly suggests that businesses’ investment in real estate will continue,” said Mr. Collins.

Total commercial sales amounted to 243 in Q2 2019 – down by 69 transactions compared to Q2 2018. Year-over-year declines in transactions were noted across all market segments.

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