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Commercial Realtors(R) Report Latest Commercial Market Figures

TORONTO, ONTARIO -- (Marketwired) -- 05/06/14 -- Toronto Real Estate Board Commercial Network Members reported 450,092 square feet of combined industrial, commercial/retail and office space leased through the TorontoMLS system in April 2014, on a per square foot net basis where pricing was disclosed. This result was down from 625,545 square feet leased in April 2013. Industrial space accounted for three-quarters of all space leased in April.

"While the amount of space leased last month was down on a year-over-year basis, it is important to point out that the average lease rate for the all-important industrial segment was up by 11 per cent. This growth was due to both market forces and a change in the mix of industrial properties leased," said Commercial Committee Chair Cynthia Lai.

The average industrial lease rate in April 2014 was $5.35 per square foot net - up by 11 per cent compared to $4.82 in April 2013. The average commercial/retail lease rate, at 18.63, was down by 15.8 per cent year-over-year. The average office lease rate was down by a similar 15.5 per cent over the same reporting period. For both the commercial/retail and office segments, much of the dip in the average lease rates was compositional, with a shift in the size and geography of properties leased.

There were a combined 45 industrial, commercial/retail and office sales reported in April 2014 through the TorontoMLS system. This result was down by 21 per cent compared to 57 sales in April 2013. Industrial and office sales were down on a year-over-year basis, while commercial/retail transactions were up.

Average sale prices on a per square foot basis were up for all market segments. The average industrial selling price was up by 15.8 per cent year-over-year to $108.13. The average commercial/retail selling price, at $212.46, represented an increase of 14.2 per cent year-over-year. Office property transactions had an average selling price of $217.54 - up 17.8 per cent compared to April 2013.

"For the first two months of 2014, we experienced a respectable pace of growth in the Canadian economy. In March, we also experienced quality employment growth in the GTA and a dip in the unemployment rate. The consensus view is that while the consumer-driven sectors of the economy continue to drive growth, we should see a greater contribution from business investment and exports moving forward. This will obviously be favorable for the commercial real estate market," continued Ms. Lai.


First Quarter 2013: 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               
                         April       April          % 
                          2014        2013     Change 
----------------------------------------------------- 
Industrial             338,076     466,494     -27.5% 
----------------------------------------------------- 
Commercial              54,752      70,148     -21.9% 
----------------------------------------------------- 
Office                  57,264      88,903     -35.6% 
----------------------------------------------------- 
Total                  450,092     625,545     -28.0% 
Source: TREB Commercial Division                      

First Quarter 2013: Per Square Foot Net Commercial   
Leasing Summary                                      
Lease Transactions Completed on a Per Square Foot Net
Basis with Pricing Disclosed on TorontoMLS           
                                                     
                     Average Lease Rate              
                        April        April          %
                          2014        2013     Change
-----------------------------------------------------
Industrial         $      5.35 $      4.82      11.0%
-----------------------------------------------------
Commercial         $     18.63 $     22.14     -15.8%
-----------------------------------------------------
Office             $     13.23 $     15.65     -15.5%
-----------------------------------------------------
                                                     
Source: TREB Commercial Division                     
                                                      
First Quarter 2013: Commercial Sales Completed with   
Pricing Disclosed on TorontoMLS                       
                                                      
                   Sales (Price Disclosed)            
                         April       April         %  
                          2014        2013    Change  
----------------------------------------------------- 
Industrial                  18          30     -40.0% 
----------------------------------------------------- 
Commercial                  22          18      22.2% 
----------------------------------------------------- 
Office                       5           9     -44.4% 
----------------------------------------------------- 
Total                       45          57     -21.1% 

                                                     
First Quarter 2013: Commercial Sales Completed with  
Pricing Disclosed on TorontoMLS                      
                                                     
             Avg. Sale Price Per Sq. Ft.             
                 (Pricing Disclosed)                 
                         April       April         % 
                          2014        2013    Change 
-----------------------------------------------------
Industrial         $    108.13 $     93.42      15.8%
-----------------------------------------------------
Commercial         $    212.46 $    186.09      14.2%
-----------------------------------------------------
Office             $    217.54 $    184.70      17.8%
-----------------------------------------------------

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 39,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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