TREB Member’s leased 1,043,434 sq. ft. of Commercial/Industrial space through TREB’s MLS system in March, Commercial Council Chairman Dennis Lunow reported today.
“That’s up 23% from the 847,993 sq. ft. recorded in February, and makes March our best result since last June, when we first began tracking this part of the market.” Mr. Lunow went on to note that the surge in activity was confirmed by a similar increase in the number of Commercial/Industrial sales recorded by the Board, up 43% to 87 from the 61 recorded in February. The increase in activity resulted both in decreased supply and a general increase in lease rates, Mr. Lunow said:
• Industrial Space in the 0-5,000 sq. ft. category rose 3% on average to $5.27 sfn from February’s $5.11 sfn. • Industrial Space in all categories rose 4% on average to $5.21 sfn from February’s $5.00 sfn. • Commercial Space between 0-5,000 sq. ft. rose 5% on average to $14.26 from the $13.55 recorded in February. Sales Market Highlights The 87 commercial/industrial sales recorded through TREB’s MLS system in March were the most seen through the Board in the short history of The Commercial Realty Watch. Of these sales: • 38 were in the Industrial 0-5,000 sq. ft category, and sold for an average price of $64.97 sf. • 31 were Commercial properties of all size categories.