Aggregate lease rates continued to ease in December, Commercial Council Chairman Dennis Lunow reported today. The aggregate industrial average moved to $4.66 sfn in December, down from the $5.00 sfn observed in November. Volume was down as well, Mr. Lunow noted, with 586,638 sq. ft. of industrial space passing through TREB’s MLS system, a decline of 2% from November’s 601,075 sq. ft., and 717,750 sq. ft. total space passing through the system, also down 2% from last month.
“What we’re seeing is a combination of a seasonal slowdown and uncertainty over Y2K issues,” Mr Lunow said. “However, we expect the spring 2000 market to be extremely active, with tenant demand and low vacancy rates putting upward pressure on lease prices.
Sales Market Highlights The Toronto Real Estate Board MLS system recorded 70 sales of commercial properties in December. Of these: • 30 were industrial properties from 0-5000 sq. ft., which sold for an average price of $66.51 per sq. ft. • 16 were commercial/retail properties in the same size range, which sold for an average of $99.11 per sq. ft.