Commercial Market Strong in July

August 13, 2008 — TREB Members reported 1,072,321 square feet of Commercial, Industrial and Office space trading through the TorontoMLS system in July, a 21 per cent increase over the same month in 2007, Commercial Council Chair Garry Lander announced today.

“July was second highest total for leased space in 2008, and the second month in a row that broke the 1,000,000 square foot thresh-hold,” noted Commercial Council Chair Garry Lander.

“The summer of 2008 has been very active.” Prices were mixed in July, with Industrial space (all size categories) averaging $5.45 sfn, down seven per cent from the same period last year. Meanwhile prices for leased Commercial space rose 23 per cent to $19.83 sfn.

Sales Market Highlights

TREB Members reported 57 sales of IC&I properties in July, including 24 Industrial properties of all size categories. These averaged $83.54 per square foot, compared to a figure of $72.67 per square foot derived from non-MLS sources.

*Information provided by the Toronto Real Estate Board

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