Almost 600,000 Square Feet Leased In August
September 9, 2009 —
Last month, TREB Members reported 571,751 square
feet of leased space, down 31% from the 830,317 square feet recorded in August
of 2008, Commercial Council Chair Garry Lander announced today.
“The amount of leased space continues to be lower than last year’s levels as
companies are waiting to re-negotiate current leases or negotiate agreements on
new space until they are more confident as to when economic recovery will take
hold,” Mr. Lander noted. “The outlook on the economy will determine availability
and pricing.”
Rental rates for IC&I properties were mixed compared to year-ago levels. Industrial
space (all size categories) leased for $5.20 sfn, down 9% from the $5.70 recorded
in August of 2008. Commercial space traded for $19.75 sfn, up 4% from the $18.98
figure seen during the same month last year. Finally, office space traded for $12.34,
up 3% from the $11.98 sfn figure recorded during August, 2008.
Sales Market Highlights
TREB Members recorded 50 sales of IC&I properties in June, including 24 industrial
buildings of all size categories which averaged $91.66 per square foot. This compare
to the $66.97 per square foot obtained from non-MLS sources.
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