Commercial Update

300,000 Square Feet of Space Leased in July

August 18, 2009 - Last month, TREB Members reported 312,771 square feet

of leased industrial, commercial, and office space, Commercial Council Chair Gary

Lander announced today. “Volume is down from last year July’s 1,072,321 square

feet of space traded,” Mr. Lander noted. “Many players in the Real Estate leasing

market are waiting to see where things settle price-wise before making decisions

on taking extra space.”

Prices declined from year-ago levels for all leased property types. Industrial space

(all size categories) leased for $5.33 sfn, down 2% from the $5.45 recorded in July

2008. Commercial space traded for $15.91 sfn, down 20% from the $19.83 figure

seen during the same month last year. Finally, office space traded for $11.98,

down 11% from last July’s $13.43 sfn figure.

Sales Market Highlights

TREB Members recorded 57 sales of IC&I properties in June, including 26 industrial

buildings of all size categories which averaged $101.68 per square foot. This

compares to the $76.94 per square foot obtained from non-MLS sources.

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