Offices lead GTA commercial property sales 24% higher

  8/20/2019 |   SHARE
Posted in Commercial Real Estate by Boris Guerdjikov| Back to Main Blog Page

Modern Business Building

There were strong gains for commercial real estate sales in the Greater Toronto Area last quarter.

Urbanation reports that Q2 2019 sales were up 24% year-over-year to $6.9 billion, with a 7% rise in transactions to 373.

The office building sector was notably strong with a 234% surge year-over-year to $2.4 billion. This was driven by the acquisition by TD Bank Group of a 30% interest in the future 46-storey, 1.2 million square foot building located at 174 Front Street West for $229 million. The building’s other owners are Fairview Cadillac (50%) and IMCO (20%).

Industrial, commercial, and investment land sales gained 35% year-over-year to $401 million, while residential land experienced the largest decrease (by sector) of $534 million (67%) from Q2-2018.

Sites for apartments gained 4% but housing lots soared 226% despite fewer transactions with a new “North Oakville” development leading this sector with a sale price of $275 million for the 366 lots.

There were also gains for industrial buildings (up 33%) while retail building sales grew 108% year-over-year ($310 million). Rental apartment buildings sales were up 71% from a year ago to $807 million, with the average selling prices remaining relatively steady at $257K per suite this quarter.

 



GTA Commercial Real Estate, Toronto Office Space



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