The Toronto Real Estate Board Commercial Division Members recently reported there was a total of 464,008 square feet of total leased commercial space in January 2012.
This is a 41 percent decline from the total square feet of leased commercial space in January 2011. In addition, industrial space made up for 86 percent of of the total square footage leased, which was a 46 percent drop on a year-over-year basis.
"Firms in the GTA industrial sector have a very cautious outlook right now," said Larry Purchase, commercial division chair. "While the prospects for the United States economy are looking more positive, there continues to be substantial concern surrounding economic recession in Europe and what the implications could be for the global economy."
When it comes to Canada mortgage news, the nation may need to raise the federal housing agency's limit on mortgage insurance by as much as 25 percent to C$750 billion in the upcoming budget in order to meet demand, according to a report from Bloomberg Businessweek.