Judging by the rate at which office space is being snapped up in the Greater Toronto area, business appears to be picking up in the Toronto local commercial real estate market.

According to Avison Young’s office market report, the Greater Toronto area West market saw a steady decline in office vacancies in the fourth quarter as more and more businesses took advantage of office vacancies.

“Induced by attractive rental rates and new product opportunities, tenants in the GTA West office market are definitely creating increased velocity,” said Martin Dockrill, principal and managing director for Avison Young’s Mississauga office.

While the vacancy rates are higher this year compared to last year, officials at Avison Young say the downward trend of vacancy rates bodes well for Toronto’s commercial real estate market. It’s helped by the fact that rental rates have held steady at $14.24 per square foot, leaving renters with enough money to take advantage of storage units instead of cluttering their offices with excess files.

According to a report from CB Richard Ellis, the commercial real estate market was up throughout Canada in 2010, but Toronto took the most significant strides forward, as transactions rose 93 percent compared to 2009.

The number of people moving to the Greater Toronto area last month may be slightly off the pace when compared to January 2010, but the city’s real estate market continues to move forward.

According to the Toronto Real Estate Board, there were 4,337 transactions for resold houses in January. That’s 13 percent lower compared to this same time last year, but January 2010 was a record month for housing and demand for storage units in Toronto.

“While off the record pace experience a year ago, the GTA resale market has started the year on a solid footing,” said Bill Johnston, president of the Toronto Real Estate Board. “Home buyers in Toronto and surrounding areas continue to benefit from a diversity of housing types for sale at many different price points.”

The report says that the average selling price for a Toronto home in January was $427,037, approximately 4 percent higher than the average price in January 2010.

The high rate of moving likely won’t let up. According to Statistics Canada, projections indicate that Ontario’s population is expected to grow in the coming years at an annual rate that’s higher than the national average.

At more than 33 million, Canada’s population has been on a steady increase for more than 50 years. And last year, there was a significant jump in economic migrants.

Approximately 280,600 legal immigrants became permanent residents of Canada in 2010. The number is 6 percent higher than immigration officials predicted and the most the country has seen since 1957.

While the report considers all residents that move to Canada, the biggest portion was economic migrants who made up two-thirds of new legal residents.

In a news conference, Immigration Minister Jason Kenney said the country wants to bring more skilled immigrants to the country to stimulate the economy. By adjusting Ottawa’s points grid, the people accepted for the country’s skilled work program will possess the skills that are in high demand.

Economic migrants are people that move from one part of the world to another seeking employment. And while they’re seeking employment and a place to settle down, they’ll likely need a place to store their belongings. Toronto storage can help them with those needs as they adjust to the Canadian way of life.