TREB Releases Q4 2019 Commercial Statistics
TREB Commercial Network Members reported 6,193,176 square feet of leased space in Q4 2019 for all lease transaction types across the industrial, commercial/retail and office market segments. This result represented a 12.5 per cent increase compared to Q4 of 2019.
Year-over-year changes in average price per square foot net lease rates, for transactions with pricing disclosed, were mixed in Q4 2019. The average industrial lease rate rose to $9.62 in Q4 2019 from $7.62 in Q4 2018. The average commercial/retail rate was down to $21.35 in Q4 2019 from $24.66 in Q4 2018. And the average office lease rate was down to $17.29 from $19.64 the previous year.
It is important to note that annual changes in average lease rates can be a result of changing market conditions and changes in the mix of properties leased from one year to the next, in terms of location, size, mix and other related variables.
Total commercial sales in Q4 2019 were 267, down by 10 transactions compared to 277 sales in Q4 2018. There was a decline in sales for the industrial sector, while the commercial/retail and office sectors had slight increases for Q4 2019.
In conjunction with TREB's redistricting project, historical data may be subject to revision moving forward. This could temporarily impact per cent change comparisons to data from previous years.