Commercial Update

Over 500,000 Square Feet Leased In June

July 21, 2009 - Last month, TREB Members reported 560,425 square feet of

leased space, in comparison to the 1,017,518 leased square feet recorded in June

of 2008, Commercial Council Chair Garry Lander reported today. “The pace

of activity remains below last year, in line with the performance of the general

economy,” Mr. Lander noted.

Prices were mixed in June. Industrial space in all size categories leased for $4.79

sfn, down 17% from the $5.78 recorded in June 2008. Commercial space traded

for $13.47 sfn, down 20% from the $16.75 figure seen during the same month

last year. Finally, office space traded for $14.69 , up 24% from last June’s $11.81

sfn figure, a possible indicator that higher quality office space is being listed on the

MLS in the face of a challenging market.

Sales Market Highlights

TREB Members recorded 59 sales of IC&I properties in June, including 28 industrial

buildings of all size categories which averaged $82.91 per square foot This compares

to the $65.26 per square foot obtained from non-MLS sources. u

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