According to a report of TRREB Commercial Network Members, around 6,912,490 sq ft of the leased space by TRREB MLS system in Q2 2022 for all types of the lease transaction across commercial, industrial retail and the office market segments.
This outcome has represented a 12.7 percent drop as compared to Q2 2021. Year-over-year variations in an average lease rate of per square foot, for the transaction with the pricing disclosed, were high in all the segments for Q2 2022.
The average lease rate for industries for Q2 2022 was around $13.33, rising from $11.08 in Q2 2021. The average retail/commercial lease rate was around $26.58, rising from almost $20.07 in Q2 2021. An average office lease rate was high to $18.81 from the value of $16.01 in Q2 2021.
It is essential to note that yearly changes in the average lease rates may be a result of the changing market conditions and the variations in mi of the properties leased from one to next year, in the terms of property types mix, location, size & other related variables.
There was a drop in the total commercial sales in Q2 2022 by almost 224 sales to 306, from almost 530 in Q2 2021. The amount of sales in the industrial sector was 93 in Q2 2022, a drop from almost 188 sales in Q2 2021. Retail or commercial sales fall from around 230 sales in Q2 2022 to 130 sales in Q2 2021.
There were approximately 83 sales of office in Q2 2022, a decline from 112 sales in Q2 2021. It is also very important to notice that lingering effects from the pandemic due to COVID-19 related policies have also affected the commercial real estate industry, which results in many variances in year over year comparison numbers.
TRREB has summarized the real estate data of different Canadian cities including transaction, square feet area and per square foot net price. The number of transactions in Halton region are 113. Average square foot of the houses in the region is 22,589 with net per square foot price of $15.15.
In the same way, the number of transactions in the peel region are 40. Average square foot of the houses in the region is 18528 with net per square foot price of $15.9.
Now let’s talk about Toronto which is an important Canadian city. The number of the transactions in Toronto are 35. Average square foot of the houses in the city is 136,381 with net per square foot price of $16.49.
Next, we have New York. The number of the transactions in here are 28. Average square foot of the houses in the city is 209,311 with net per square foot price of $8.49.
Likewise, we have the data for Durham Region. The number of the transactions in the region are 3. Average square foot of the houses in the city is 25,646 with net per square foot price of $13.03.
