As inventory declined, the commercial market continued its up-again down-again trend in June, with rates mostly up but with the amount of space leased through the Toronto Real Estate Board’s MLS system falling 14% to 937,548 sq. ft, TREB Commercial Council Chair Dennis Lunow said today.
Some highlights: • Rates for industrial space as a whole rose 13 percent to $5.40 sfn from May’s $4.78 sfn. • Rates for office space between 0-5,000 sq. ft. rose 4 percent to $9.89 sfn from the $9.50 sfn recorded in May. Sales Market Highlights In June, 62 sales of commercial/industrial properties (excluding land) passed through the TREB MLS system. Of these, 32 were industrial, and 30 commercial/retail properties. Of the latter, 13 sales were of properties 5,000 sq. ft. and over, which sold for an average of $57.53 per sq. ft. Land Market Finally, 24 sales of raw land were recorded in June by TREB’s MLS system, 16 in the 0-130,000 sq. ft. catagory. These sold for an average of $10.61 per sq.ft. or $440,121.08 per acre.