Commercial Update

472,663 Square Feet Leased In February

Thursday, March 19, 2009 — In February 2009, TREB Members reported 472,663 square feet of space through the TorontoMLS system, Commercial Council Chair Garry Lander announced today. This figure compares to the 844,348 figure recorded during the same month in 2008.

The average lease rate for Industrial space was $5.17 sfn, from February 2008′s level of $5.84 sfn. “Lease rates have responded to the softer commercial market conditions experienced this year,” according to Lander.

Sales Market Highlights

TREB Members reported 36 sales of all property types during February. Of these, the 21 Industrial sales averaged $92.37 per square foot. This compares to a figure of $74.03 derived from non-MLS sources.

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