Offices lead GTA commercial property sales 24% higher
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.
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