You look at the Toronto Real Estate Boards (TREB) most recent commercial market figures, you see that leased space in April declined 7.3% compared to April 2012, and you wonder if the economic naysayers really do know something that the rest of us dont know. Industrial properties dependent on imports and exports -- accounted for three quarters of all square footage leased 466K SF but that was down 24 per cent compared to the same period last year. However, as TREB Commercial Division Chair Cynthia Lai says, the average net industrial lease rate per square foot for transactions through MLS was up. The demand is still enough to sustain the price, she told Bisnow. That even stands up when factoring in all the American brokerages in the market doing deal outside of MLS. I am hearing they are still doing well, she adds.