The amount of space leased through the TREB MLS system increased 17.2% in February, to 847,993 sq. ft. from January’s 723,474 sq. ft., TREB Commercial Council Chair Dennis Lunow announced today.
In addition, Mr. Lunow said, the number of sold transactions was up 38%, to 61 from January’s 44, demonstrating an increasing level of confidence in all commercial sectors. Recorded lease rates presented a mixed picture this month. For example, prices for Industrial space from 0-5,000 sq. ft. rose 2%, to $5.11 sfn from $4.98 sfn, and Industrial space between 5-15,000 sq. ft. remained unchanged at $4.99 sfn. On the other hand, rates for Industrial space between 15-50,000 sq. ft. fell 3% to $4.72 sfn, and most classes of Commercial space also saw a slight decline. “That all being said,” Mr. Lunow commented, “The market continues to surge ahead, gaining strength with each passing month.”
Sales Market Highlights Of the 61 properties sold in February: * 29 were in the Industrial, 0-5,000 sq. ft. category and sold for an average of $66.53 sf. * 7 were in the Commercial, 2,500-5,000 sq. ft. category, and these sold for an average of $94.52 sf.