Leasing Activity Takes A Dip
The Toronto Real Estate Board reports a 17% decrease in leased commercial space in February, in comparison to February 2013. The industrial market segment--which accounts for over three quarters of the square footage leased--drove the dip (24.5% just for industrial). There were fewer lease agreements for larger industrial space this time out, TREB commercial committee chair Cynthia Lai says, adding that leading activity can be “volatile” on a month-to-month basis. The overall average lease rate for industrial properties increased slightly compared to the previous year--$5.26/SF net, up from $5.20 in February 2013. Average lease rates were also up for the commercial/retail and office segments of the market.