Over 6.0 Million Square Feet Leased in Q2 2025

TRREB Commercial Network Members reported 6,016,865 square feet of leased space through TRREB’s MLS® System in Q2 2025 for all lease transaction types across the industrial, commercial/retail and office market segments. This result represented an decrease compared to 7,527,638 square feet leased in Q2 2025.

Year-over-year changes in average per square foot net lease rates, for transactions with pricing disclosed, were down in the industrial commercial/retail segments in Q2 2025, but up over the same period for the office segment. The average industrial lease rate for Q2 2025 was $15.25, down from $17.66 in Q2 2024.

The average commercial/retail lease rate was $22.13, down from $26.64 in Q2 2024. The average office lease rate was up to $20.84 from $17.55 in Q2 2024.

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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, property type mix and other related variables.

Total commercial sales in Q2 2025 were down to 215, compared to 322 in Q2 2024. Sales in the industrial sector amounted to 65 in Q2 2025 down from 118 sales in Q2 2024. Commercial/retail sales were down from 125 in Q2 2024 to 100 in Q2 2025. There were 50 office sales in Q2 2025, a drop from 81 sales in Q2 2024.