May’s market for commercial space snapped back from April’s softness, with 1,093,089 sq. ft. being leased through the TREB MLS system, a 39 per cent increase from the 786,758 sq. ft. recorded in the previous month, TREB Commercial Council Chair Dennis Lunow announced today.
“Although activity increased, rates continued their see-saw trend in May,” Dennis went on to say. For example: • Industrial space between 0-5,000 sq. ft. rented for $5.23 sfn, down 2 per cent from the $5.33 sfn recorded in April, representing 50 per cent of the month’s activity.
• Industrial space between 5,000 and 15,000 sq. ft. rented for $4.98 sfn, down 7 per cent from April’s figure of $5.36 sfn. • Industrial space over 50,000 sq. ft. rented for $4.53 sfn, a decline of 18 per cent from the $5.50 sfn seen last month. Sales Market Highlights May saw a total 66 commercial/industrial sales transactions pass through the TREB MLS system, about the same as the 63 recorded in April. Of these, 39 were industrial properties, which sold for an average price of $63.69 per sq. ft, and 27 were commercial/ retail properties.