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Commercial Reports

lmost 7.9 Million Square Feet Leased in Q4 2025

TRREB Commercial Network Members reported 7,894,424 square feet of leased space through TRREB’s MLS® System in Q4 2025 across all lease transaction types (industrial, commercial/retail, and office). This result represented an increase compared to 7,021,769 square feet leased in Q4 2024.

Year-over-year changes in average per square foot net lease rates (for transactions with pricing disclosed) showed mixed trends across property types:

  • Industrial: $15.02 in Q4 2025, down from $16.29 in Q4 2024
  • Commercial/Retail: $29.97 in Q4 2025, up from $25.34 in Q4 2024
  • Office: $22.23 in Q4 2025, up from $18.74 in Q4 2024

It is important to note that annual changes in average lease rates can reflect both evolving market conditions and shifts in the composition of leased properties, including differences in location, size, and property type.

Total commercial sales in Q4 2025 were 211 transactions, compared to 307 transactions in Q4 2024:

  • Office sales: 42 in Q4 2025, compared to 55 in Q4 2024
  • Industrial sales: 69 in Q4 2025, compared to 118 in Q4 2024
  • Commercial/Retail sales: 100 in Q4 2025, compared to 134 in Q4 2024

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2025

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  2. The information contained in this publication is subject to change without notice.

  3. SHANE, by Broker Shane Carslake, is a licensed real estate team in Ontario with Royal LePage Real Estate Services Ltd., Brokerage.

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