Almost 5.0 Million Square Feet Leased in Q1 2024

TRREB Commercial Network Members reported 4,985,729 square feet of leased space through TRREB’s MLS® System in Q1 2024 for all lease transaction types across the industrial, commercial/retail and office market segments. This result represented a decrease compared to Q1 2023.

Year-over-year changes in average per square foot net lease rates, for transactions with pricing disclosed, were up in the industrial and office segments for Q1 2024. The average industrial lease rate for Q1 2024 was $16.90, up from $15.55 in Q1 2023. The average office lease rate was $20.09, up from $16.15 in Q1 2023. The average commercial/retail lease rate was down to $29.08 from $30.63 in Q1 2023.

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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 Q1 2024 were up to 259, compared to 238 Q1 2023. Sales in the industrial sector amounted to 92 in Q1 2024 3 up from 83 sales in Q1 2023. Commercial/retail sales were up from 105 in Q1 2023 to 113 in Q1 2024. There were 54 office sales in Q1 2024, a small increase from 50 sales in Q1 2023.