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GTA commercial sales remained strong in 2018
There was a slight dip in the value of commercial real estate sales in the Greater Toronto Area in 2018; but it was another strong performance following the previous year’s record high.
Data from Urbanation shows that the total value of CRE sales in the GTA in 2018 was $21.3 billion, down 3% from 2017; while the number of sales was down 14% to 1,395.
Residential lots saw the largest year-over-year increase, surging 157% or $490 million. The largest gain in dollar terms was for rental apartments which increased by $809 million (60% year-over-year).
Rental Apartment sales totaled $2.4 billion with an average price per suite of $256 (+15%; $230 per suite in 2017) and an average cap rate of 3.4%. The average price of Office Buildings and Industrial Building reached record highs of $380 psf and $147 psf, respectively.
Other strong performers were Office Buildings (+194 million; +4%), and Industrial Buildings (+$53 million; +2%).
Remaining near record-highs despite declines were Retail Buildings at $1.74 billion (-$5 million; -0.3%), Apartment Sites at $2.91 billion (-$248 million; -8%) and Commercial Land at $1.33 billion (-$199 million; -13%).
by Steve Randall 14 Feb 2019 www.mortgagebrokernews.ca