Almost 7.8 Million Square Feet Leased in Q3 2024

TRREB Commercial Network Members reported 7,768,076 square feet of leased space through TRREB’s MLS^® System in Q3 2024 for all lease transactions types across the industrial, commercial/retail and office market segments. This result represented an increase compared to 5,783,739 square feet leased in Q3 2023.

Year-over-year changes in average per square foot net lease rates, for transactions with pricing disclosed, were down in the industrial segment and up for the commercial/retail and office segments for Q3 2024. The average industrial lease rate for Q3 2024 was $13.95, down from $18.38 in Q3 2023. The average commercial/retail lease rate was $47.21, up from $28.01 in Q3 2023. The average office lease rate was up to $19.40 from $15.46 in Q3 2023. The average industrial lease rate for Q3 2024 was $13.95, down from $18.38 in Q3 2023. The average commercial/retail lease rate was $47.21, up from $28.01 in Q3 2023. The average office lease rate was up to $19.40 from $15.46 in Q3 2023.

Read the full report ⟶

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 Q3 2024 were down to 159, compared to 236 Q3 2023. Sales in the industrial sector amounted to 47 in Q3 2024 3 down from 85 sales in Q3 2023. Commercial/retail sales were down from 97 in Q3 2023 to 70 in Q3 2024. There were 42 office sales in Q3 2024, a drop from 54 sales in Q3 2023.