During September, lease rates increased across TREB’s area of coverage, Dennis Lunow, Commercial Council Chairman, announced today.
“The rate for Industrial property of all sizes rose over 3 per cent, to $4.93 per sq. ft. from the $4.77 recorded in August. Further, prices in most categories of leased office and commercial space went up as well.” This increase in price went hand-in-hand with an up-tick in activity, as the amount of space leased through the TREB MLS system rose 18 per cent in September, to 840,734 square feet from August’s figure of 712,836.
“As the market becomes more active into the fall, inventory gets worked down,” Lunow noted. “Inevitably, lease rates start heading higher.” Sales Market Highlights TREB’s MLS system recorded 56 sold commercial transactions in September, a slight increase over August’s 49 sales.
Sold prices also trended upward last month: • Industrial properties between 0-5,000 sq. ft. rose 6 per cent to $59.71 sf from August’s $56.08 • Commercial properties between 1,000-2,500 sq. ft. rose 7 per cent to $133.85 sf from the $124.86 sf recorded last month.