Click here to close now.


News Feed Item

GTA Commercial REALTORS(R) Release Quarterly Commercial Market Figures

TORONTO, ONTARIO -- (Marketwire) -- 01/04/13 -- Toronto Real Estate Board (TREB) Commercial Division Members reported transactions amounting to almost 3.9 million square feet of leased space through the TorontoMLS system in the Fourth Quarter of 2012. This result was down by 30 per cent compared to the Fourth Quarter of 2011.

Industrial properties accounted for 83 per cent leased space reported in the last three months of 2012. The average industrial lease rate, for properties leased on a per square foot net basis and for which pricing was disclosed, was down slightly from last year, at $4.65 for Q4 2012 versus $4.92 for Q4 2011.

"There were a substantial number of lease transactions in the Fourth Quarter of 2012, but the level of activity remained lower than in the same period in 2011. While the Canadian economy continued to grow in 2012, the pace of growth was somewhat anemic, especially where the export sector was concerned. The high value of the Canadian dollar continued to be a competitive disadvantage to export-focused firms. In addition, economic uncertainty in the United States coupled with global economic headwinds, prompted many exporters to remain on the sidelines in 2012 with regard to real estate investment," said TREB Commercial Division Chair Cynthia Lai.

There were 214 commercial property sales reported through the TorontoMLS system in the Fourth Quarter of 2012 - down from 300 sales in the Fourth Quarter of 2011. Sales were down for all property types on a year-over-year basis. The number of industrial sales was closest to last year's level - down by 17 per cent to 97 transactions. Commercial/retail and office transactions were down by 28 and 49 per cent respectively.

Average sale prices per square foot, based on transactions for which selling prices were disclosed, were up substantially for the industrial and commercial/retail segments. Over the same period, the average selling price for office properties was down.

"Given that the pace of sales was slower this year compared to last, the large average selling price increases for industrial and commercial/retail properties were more associated with a change in the composition of sales. For example, in the Fourth Quarter of 2012, there was greater proportion of industrial sales in smaller size categories compared to the Fourth Quarter of 2011. All else being equal, smaller properties tend to sell at a higher price per square foot," continued Lai.

Fourth Quarter 2012: All Commercial Lease Transactions

Total Leased Space for All Lease Transaction Types on TorontoMLS

                          Total Leased Square Feet                          
                                  Q4 2012          Q4 2011         % Change 
Industrial                      3,211,738        4,540,624            -29.3%
Commercial                        374,872          483,308            -22.4%
Office                            290,232          503,076            -42.3%
Total                           3,876,842        5,527,008            -29.9%

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

Leased Sq. Ft. (Price Disclosed, Per      Avg. Lease Rate (Price Disclosed, 
 Sq.Ft. Net)                              Per Sq.Ft. Net)                   
                   Q4        Q4       %                   Q4     Q4       % 
                 2012      2011  Change                 2012   2011  Change 
----------------------------------------  ----------------------------------
Industrial  2,475,701 2,129,389    16.3%  Industrial  $ 4.65 $ 4.92    -5.5%
----------------------------------------  ----------------------------------
Commercial    209,370   200,297     4.5%  Commercial  $15.10 $19.56   -22.8%
----------------------------------------  ----------------------------------
Office        148,895   240,121   -38.0%  Office      $12.35 $11.45     7.9%
----------------------------------------  ----------------------------------
Total       2,833,966 2,569,807    10.3%                                    

Fourth Quarter 2012: All Commercial Sale Transactions

Total Number of Sales on TorontoMLS

                Total Sales                                                 
                   Q4        Q4       %                                     
                 2012      2011  Change                                     
Industrial         97       117   -17.1%                                    
Commercial         80       111   -27.9%                                    
Office             37        72   -48.6%                                    
Total             214       300   -28.7%                                    

Fourth Quarter 2012: Commercial Sales Completed with Pricing Disclosed on TorontoMLS

Sales (Price Disclosed)             Avg. Sale Price Per Sq. Ft. (Pricing    
                Q4     Q4       %                      Q4        Q4       % 
              2012   2011  Change                    2012      2011  Change 
----------------------------------  ----------------------------------------
Industrial      97     92     5.4%  Industrial  $   87.99 $   70.08    25.6%
----------------------------------  ----------------------------------------
Commercial      80     92   -13.0%  Commercial  $  195.07 $  151.84    28.5%
----------------------------------  ----------------------------------------
Office          37     52   -28.8%  Office      $  185.98 $  223.13   -16.6%
----------------------------------  ----------------------------------------
Total          214    236    -9.3%                                          

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 35,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

Get the latest real estate news and Market Watch information including market watch summary videos.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. Migration to cloud shifts computing resources from your data center, which can yield significant advantages provided that the cloud vendor an offer enterprise-grade quality for your application.
DevOps is gaining traction in the federal government – and for good reasons. Heightened user expectations are pushing IT organizations to accelerate application development and support more innovation. At the same time, budgetary constraints require that agencies find ways to decrease the cost of developing, maintaining, and running applications. IT now faces a daunting task: do more and react faster than ever before – all with fewer resources.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi's VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driv...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively.
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ability. Many are unable to effectively engage and inspire, creating forward momentum in the direction of desired change. Renowned for its approach to leadership and emphasis on their people, organizations increasingly look to our military for insight into these challenges.
Achim Weiss is Chief Executive Officer and co-founder of ProfitBricks. In 1995, he broke off his studies to co-found the web hosting company "Schlund+Partner." The company "Schlund+Partner" later became the 1&1 web hosting product line. From 1995 to 2008, he was the technical director for several important projects: the largest web hosting platform in the world, the second largest DSL platform, a video on-demand delivery network, the largest eMail backend in Europe, and a universal billing syste...
Electric power utilities face relentless pressure on their financial performance, and reducing distribution grid losses is one of the last untapped opportunities to meet their business goals. Combining IoT-enabled sensors and cloud-based data analytics, utilities now are able to find, quantify and reduce losses faster – and with a smaller IT footprint. Solutions exist using Internet-enabled sensors deployed temporarily at strategic locations within the distribution grid to measure actual line lo...
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, will explore the current state of IoT connectivity and review key trends an...
Chris Van Tuin, Chief Technologist for the Western US at Red Hat, has over 20 years of experience in IT and Software. Since joining Red Hat in 2005, he has been architecting solutions for strategic customers and partners with a focus on emerging technologies including IaaS, PaaS, and DevOps. He started his career at Intel in IT and Managed Hosting followed by leadership roles in services and sales engineering at Loudcloud and Linux startups.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”