TORONTO, ONTARIO--(Marketwired - May 4, 2016) - Toronto Real Estate Board President Mark McLean announced that Toronto Real Estate Board Commercial Network Members reported 306,003 square feet of combined industrial, commercial/retail and office space leased through TREB's MLS® System in April 2016. This result was down from 811,123 square feet of space leased in April 2015.

Following the historic norm, industrial properties accounted for approximately 70 per cent of the total space leased in April. The office segment accounted for the next largest share followed by the commercial/retail segment.

Average lease rates for properties transacted on a per square foot net basis, where pricing was disclosed, were up for the industrial and office market segments, but down for the commercial/retail segment. Commercial leasing results can be volatile on a month-to- month basis. This means that changes in average lease rates can be the result of changes in market conditions and compositional shifts in the type and location of properties leased.

"There is no doubt that we have experienced some volatility in commercial leasing and sales activity over the past few months. This mirrors the broader Canadian economy.The most recent monthly GDP result released from Statistics Canada represented a decline in economic activity following four consecutive increases. Many businesses may still be in a holding pattern with regard to further real estate investment," said Mr. McLean.

There were 48 combined industrial, commercial/retail and office sales reported in April 2016, where pricing was disclosed. This result was down compared to 72 sales reported for April 2015.

Changes in average sale prices on a per square foot net basis varied by market segment and, similar to the leasing market, reflected changes in the type and geography of properties sold along with changes in market conditions.

April 2016: Per Square Foot Net Commercial Leasing Summary

Lease Transactions Completed on a Per Square Foot Net Basis with Pricing Disclosed on TorontoMLS

Leased Square Feet
Apr. 2016 Apr. 2015 % Change
Industrial 212,000 669,589 -68.3%
Commercial 44,062 85,206 -48.3%
Office 49,941 56,328 -11.3%
Total 306,003 811,123 -62.3%
Average Lease Rate
Apr. 2016 Apr. 2015 % Change
Industrial $5.37 $5.11 5.2%
Commercial $20.29 $21.32 -4.8%
Office $13.23 $13.06 1.3%

April 2016: Commercial Sales Completed with Pricing Disclosed on TorontoMLS

Sales (Price Disclosed)
Apr. 2016 Apr. 2015 % Change
Industrial 14 31 -54.8%
Commercial 21 26 -19.2%
Office 13 15 -13.3%
Total 48 72 -33.3%
Avg. Sale Price Per Sq. Ft. (Pricing Disclosed)
Apr. 2016 Apr. 2015 % Change
Industrial $84.16 $120.74 -30.3%
Commercial $264.40 $293.57 -9.9%
Office $308.18 $209.07 47.4%

Source: TREB

NOTE: Some table totals may differ due to conversion and rounding.

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 43,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

Contact Information:

Media Inquiries:
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158