/EINPresswire.com/ -- TORONTO, ONTARIO -- (Marketwired) -- 05/04/16 -- Toronto Real Estate Board President Mark McLean announced that Toronto Real Estate Board Commercial Network Members reported 306,003 square feet of combined industrial, commercial/retail and office space leased through TREB's MLS® System in April 2016. This result was down from 811,123 square feet of space leased in April 2015.

Following the historic norm, industrial properties accounted for approximately 70 per cent of the total space leased in April. The office segment accounted for the next largest share followed by the commercial/retail segment.

Average lease rates for properties transacted on a per square foot net basis, where pricing was disclosed, were up for the industrial and office market segments, but down for the commercial/retail segment. Commercial leasing results can be volatile on a month-to- month basis. This means that changes in average lease rates can be the result of changes in market conditions and compositional shifts in the type and location of properties leased.

"There is no doubt that we have experienced some volatility in commercial leasing and sales activity over the past few months. This mirrors the broader Canadian economy.The most recent monthly GDP result released from Statistics Canada represented a decline in economic activity following four consecutive increases. Many businesses may still be in a holding pattern with regard to further real estate investment," said Mr. McLean.

There were 48 combined industrial, commercial/retail and office sales reported in April 2016, where pricing was disclosed. This result was down compared to 72 sales reported for April 2015.

Changes in average sale prices on a per square foot net basis varied by market segment and, similar to the leasing market, reflected changes in the type and geography of properties sold along with changes in market conditions.

April 2016: Per Square Foot Net Commercial Leasing Summary

Lease Transactions Completed on a Per Square Foot Net Basis with Pricing Disclosed on TorontoMLS

                             Leased Square Feet
                                           Apr. 2016   Apr. 2015    % Change
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Industrial                                   212,000     669,589      -68.3%
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Commercial                                    44,062      85,206      -48.3%
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Office                                        49,941      56,328      -11.3%
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Total                                        306,003     811,123      -62.3%
                             Average Lease Rate
                                           Apr. 2016   Apr. 2015    % Change
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Industrial                                     $5.37       $5.11        5.2%
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Commercial                                    $20.29      $21.32       -4.8%
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Office                                        $13.23      $13.06        1.3%

April 2016: Commercial Sales Completed with Pricing Disclosed on TorontoMLS

                           Sales (Price Disclosed)
                                           Apr. 2016   Apr. 2015    % Change
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Industrial                                        14          31      -54.8%
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Commercial                                        21          26      -19.2%
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Office                                            13          15      -13.3%
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Total                                             48          72      -33.3%
               Avg. Sale Price Per Sq. Ft. (Pricing Disclosed)
                                           Apr. 2016   Apr. 2015    % Change
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Industrial                                    $84.16     $120.74      -30.3%
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Commercial                                   $264.40     $293.57       -9.9%
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Office                                       $308.18     $209.07       47.4%

Source: TREB

NOTE: Some table totals may differ due to conversion and rounding.

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 43,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

www.TREBhome.com

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