Traded square feet of space decreased in Toronto in 2009, but prices are up

December 18, 2009

After much positive economy and real estate news, here is something not as good. Once again, TREB has released an interesting report. Its Commercial Members claim that 468,350 square feet of leased space were recorded past month in Toronto, as Commercial Council Chair Garry Lander has announced yesterday. In November 2008, 1,113,195 square feet were recorded, which suggests a quite significant, about 58 percent decrease.

There is a considerable difference between the compared months in 2008 and 2009. The 2009 figures are noticeably below 2008 levels. As for concrete prices in November, industrial space traded for $5.69 per square foot net, which means a 3 percent increase in comparison with $5.51 per square in November 2008. Prices for office space increased by 27 percent from $10.10 per square foot net to as much as $12.83. Commercial space traded for $16.65 per square foot net this November, which means a nine percent decrease since November 2008.

As the real estate market is improving and is expected to continue doing so in 2010, the next report about this topic will very likely be more positive. Anyway, check out the detailed tables and figures in the original TREB report.

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1. GTA Leased Space
2. Rise of median house prices between 2007 and 2009
3. GTA Housing Starts in November 2009
4. Prices Rose Less than Expected
5. 2009 Overall Housing Situation in Canada

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