Company News: Page (1) of 1 - 03/05/12 Email this story to a friend. email article Print this page (Article printing at MyDmn.com).print page facebook

GTA Commercial REALTORS(R) Report Commercial Market Figures

(March 05, 2012)

TORONTO, ONTARIO -- (Marketwire) -- 03/05/12 -- Toronto Real Estate Board Commercial Division Members reported 401,168 square feet of total leased commercial space in February 2012. This result was down by 20 per cent in comparison to February 2011. Industrial space accounted for 71 per cent of total square footage leased, or 285,058 square feet - down almost 27 per cent compared to February 2011.

The average lease rate for industrial properties was $4.81 per square foot net (calculated for transactions where pricing was disclosed) - down by 12 per cent in comparison to the average of $5.47 reported for February 2011.

"Uncertainty surrounding the global economic outlook continued to weigh on many firms' real estate investment decisions in February. With this said, the recent GDP release for the fourth quarter of 2011 pointed to continued economic growth in Canada. This positive news coupled with the consensus expectation for sustained growth through 2012 may prompt an uptick in commercial real estate investment as we move through the year," said Commercial Division Chair Larry Purchase.

Commercial Division Members also reported 56 sale transactions in February, representing an eight per cent increase compared to February 2011. A 17 per cent dip in industrial sales was more than offset by a 39 per cent increase in sales of other commercial property types. Average per square foot selling prices were down for both categories.


"The dip in average selling prices for industrial and other commercial properties was due in large part to a greater number of large property sales this year versus last. Generally speaking larger properties sell for less on a per square foot basis," said Purchase.

February 2012: Per Square Foot Net Commercial Leasing Summary Lease Transactions Completed on a Per Square Foot Net Basis with Pricing Disclosed on TorontoMLS?? Leased Sq. Ft. (Price Disclosed, Avg. Lease Rate (Price Disclosed, Per Per Sq.Ft. Net) Sq.Ft. Net) Feb. Feb. % Feb. % 2012 2011 Change Feb. 2012 2011 Change ------------------------------------ -------------------------------------- Industrial 285,058 389,177 -26.8% Industrial $ 4.81 $ 5.47 -12.0% ------------------------------------ -------------------------------------- Commercial 80,397 38,104 111.0% Commercial $ 12.66 $ 18.92 -33.1% ------------------------------------ -------------------------------------- Office 35,713 73,158 -51.2% Office $ 16.08 $ 9.82 63.7% ------------------------------------ -------------------------------------- ------------------------------------ -------------------------------------- Total 401,168 500,439 -20% Source: TREB Commercial Division February 2012: Commercial Sales Completed with Pricing Disclosed on TorontoMLS?? Avg. Sale Price Per Sq. Ft. (Pricing Sales (Price Disclosed) Disclosed) Feb. Feb. % Feb. Feb. % 2012 2011 Change 2012 2011 Change ------------------------------------ -------------------------------------- Industrial 24 29 -17.2% Industrial $ 50.23 $ 96.15 -47.8% ------------------------------------ -------------------------------------- Commercial 32 23 39.1% Commercial $ 132.61 $178.20 -25.6% ------------------------------------ -------------------------------------- ------------------------------------ -------------------------------------- Total 56 52 8%

Greater Toronto REALTORS?? are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 34,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

Get the latest real estate news and Market Watch information including market watch summary video www.TorontoRealEstateBoard.com.

www.twitter.com/TREB_Official

www.facebook.com/TorontoRealEstateBoard

www.youtube.com/TREBChannel

Contacts:
Media Inquiries:
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com


Copyright @ Marketwire

Page: 1


Related Keywords: Toronto Real Estate Board , Canada, Toronto, Marketwire, , Other,

HOT THREADS on DMN Forums
Content-type: text/html  Rss  Add to Google Reader or
Homepage    Add to My AOL  Add to Excite MIX  Subscribe in
NewsGator Online 
Real-Time - what users are saying - Right Now!

Our Privacy Policy --- @ Copyright, 2015 Digital Media Online, All Rights Reserved