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Summary of TREB’s Second Quarter Commercial Division Report:
– 3.5 million square feet of total leased space in Q2 2012 – a decline of 22% compared to 4.4 million leased square feet in Q2 2011
– Spaces leased were down, but average lease rates were up for industrial, commercial/retail and office
– Industrial properties accounted for almost 80% of total leased space through TorontoMLS in Q2, down by 7% compared to same time last year
– Average lease rate for industrial properties (per sf net basis with disclosed pricing) was $4.92, representing a 13% increase year to year
– Sales of industrial and commercial properties, with 98 and 95 transactions respectively, were down compared to Q2 2011
– There were 50 office transactions which represented a slight increase from last year
– Changes in average selling prices compared to last year were mixed
– The average price per sf for sold industrial properties was up substantially on a year-over-year basis
– Average selling prices for commercial/retail and office properties were down