5 May 2011

Office space leased in Toronto drops in April

Though office space in the Toronto area has been taken up at brisk pace this quarter, the commercial real estate market in the GTA suffered a bit of a setback in the month of April.

According to the Toronto Real Estate Board, 842,406 square feet of space was leased by commercial property hunters. That’s a significant amount of space no longer available for rent, but it’s down 27 percent compared to the same month last year, when 1,155,944 square feet of space was leased.

Despite the downturn, Larry Purchase, chairman for the TREB’s commercial division, said high demand will keep the market operating in the black.

“As the Canadian economy continues to expand in 2011, demand for commercial real estate is expected to remain healthy, albeit with some month-to-month volatility in transactions,” said Purchase. “Exports are generally expected to make a larger contribution to growth this year, which is important for firms located in the GTA.”

Paperwork and important documents may pile up no matter how big an office space is. Storage units serve as an ideal location to house these documents so that they aren’t misplaced or accidentally thrown away. 

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