Lease prices for Industrial, Commercial/Retail and Office Space increased in January, Commercial Council Chairman Dennis Lunow reported today.
“As the inventory of available space gets worked down, there is a natural, upward pressure on rates, ” Mr Lunow said, noting that the trend encompassed all property classes. For example, in the 0-5,000 square foot range: • Industrial space rose 1 per cent to $5.11 sfn from December’s $5.05 figure. • Commercial/Retail space rose about 11 per cent to $14.14 sfn from December’s $12.78 figure. • Office space rose about 9 per cent from December’s $8.28 sfn to $8.99. “It seems clear that the Commercial Leasing Market has snapped out of the holiday season doldrums, and we expect a very active spring,” Mr. Lunow said.
Sales Market Highlights The Toronto Real Estate Board MLS System recorded 44 sales of Commercial Properties in January. Of these, 6 were Commercial/Retail properties between 1,000 – 2,500 sq ft, for an average price of $73.41 sfn, and 22 were Industrial properties under 5,000 sq ft, for an average price of $61.53.