Over 7.7 Million Square Feet Leased in Q4 2021

TRREB Commercial Network Members reported over 7.7 million square feet of leased space through TRREB's MLS® System in Q4 2021 for all lease transactions types across the industrial, commercial/retail and office market segments. This result represented a year-over-year increase of almost 40 per cent compared to Q4 2020.

Q4 2021 average per square foot net lease rates, for transactions with pricing disclosed, were in line with or higher than the averages reported for Q4 2020. The average industrial lease rate for Q4 2021 was $14.03 compared to $10.20 in Q4 2020. The average commercial/retail lease rate was $21.01, down slightly from $21.15 a year earlier. The average office lease rate was up to $16.94 from $15.90 in Q4 2020.

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 Q4 2021 were down slightly to 361 compared to 387 in Q4 2020. There were 115 sales of industrial properties - down from 151 transactions a year earlier. The number of commercial/retail sales was similar to the previous year, at 161 versus 163. Q4 Office transactions were up year-over-year to 85, compared to 73 transactions in Q4 2020.

     

 

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.