TRREB Commercial Report

Commercial Report

03/06/2024

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Almost 5.9 Million Square Feet Leased in Q4 2023

TRREB Commercial Network Members reported 5,889,769 square feet of leased space through TRREB’s MLS® System in Q4 2023 for all lease transaction types across the industrial, commercial/ retail and office market segments. This result was down compared to the Q4 2023 result of 6,753,182. Year-over-year changes in space leased were down for the industrial and commercial/retail market segments, but up for the office segment.

Annual changes in average lease rates for transactions with pricing disclosed were mixed. The average industrial lease rate for Q4 2023 was $17.24, down slightly from $17.42 in Q4 2022. The average commercial/retail lease rate was $26.80, up from $21.63 in Q4 2022. The average office lease rate, at $20.78, was higher than the average of $19.89 reported in Q4 2022.

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