Sales Up, Leasing Down
More than 360k SF of GTA commercial space was leased in July, down by nearly half compared to July 2013, according to the Toronto Real Estate Board. Industrial properties accounted for 60% of the total square footage leased. The commercial real estate market fared better on the sales side, with 71 commercial property sales recorded in July, up from 60 sales last year. Up or down, TREB's new president Paul Etherington isn’t concerned: “I’m not hearing too many complaints from our commercial sales members.”
Paul (second from right) admits he has some issues with TREB's system for tracking market activity. Comparing conditions one year to the next, or month to month, often creates the appearance of “volatility,” he says. Paul would prefer to see a “rolling average” that tracks sales and lease numbers as the year progresses, versus year over year. While he says he's floated the idea to board members, he also acknowledges the status quo would be a steep climb. “Most people like the way [numbers are] being reported."
