Latest press release from TREB reveals November figures for commercial real estate in GTA. Unlike the resale market, commercial market results are seriously lacking behind the year 2008. Realtors reported 468,350 square feet of leased space in November, down 58% from the 1,113,195 square feet recorded in November of 2008.
Commercial Council Chair Garry Lander explains: “While both the monthly and year-to-date figures are considerably below 2008 levels, recent economic news, including third quarter GDP growth and November employment gains, suggests that the health of the commercial real estate market should improve in 2010.”
Average price for commercial space was $16.65, down by 9%. However, some sectors recorded price increases. All-sized industrial space was leased for $5.69 per square foot net (3% up), office space was leased for $12.83 per sfn (27% up).