In July 2000, the average lease rate for all catagories of Industrial space was $5.25 sfn, up 11% from the $4.71 sfn recorded in July of last year, Commercial Council Chair Dennis Lunow reported today.
“This issue marks the 1st anniversary of the Commercial Realty Watch,” Mr. Lunow continued, “When it was launched, we said some time would have to pass before the trends in the leased space market would become apparent. However, it is now clear that the the sector has shown increasing health over the past year, and that the gradual price increases that have occured as a result are likely to continue, at least in the near future.”
Mr. Lunow went on to note that July saw 1,360,598 total square feet of space (Industrial, Commercial, and Office) leased through the TREB system, a 45 per cent increase over June’s figure of 937,548 sq. ft. and the highest single-month total recorded to date. Sales Market Highlights In July, 69 sales on Industrial/Commercial properties (excluding land) were sold through the Toronto Real Estate Board. Of these: – 30 Industrial properties between 0-5000 square feet sold for an average of $57.39 per sq ft. – 13 Commercial properties in the same class size sold for an average of $67.47 per sq ft.