GTA commercial activity noticeably strengthens in November

Latest data from the TREB Commercial Network showed that over 378,000 square feet of combined industrial, commercial/retail, and office space was leased through TREB’s MLS® System in November 2017, representing a nearly 30% increase compared to the same month a year ago.

More than 70% of this space was in the industrial market segment, according to TREB president Tim Syrianos.

“It was positive news that the amount of space leased in November was up compared to last year,” Syrianos said, but quickly added that “it is important to point out that we do see volatility in the number and size of transactions from month to month. Over the longer term, demand for commercial space is driven by the prospects for economic growth.”

Read more: Transit projects are crucial to Toronto market’s future growth – report

“Right now the Canadian economy, and southern Ontario therein, is performing very well from a global perspective. It makes sense that we would see strong demand for commercial space moving forward, both from existing firms in the GTA and firms who are looking to locate in our diverse economic region,” Syrianos explained.

 

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