Office Vacancy Rate Jumps Throughout Canada's Major Cities

The complexion of Canada's office real estate market changed significantly over the past year. In mid-2008, vacancy rates in most of Canada's major cities were at or near record lows: in the 3% range in Ottawa, Vancouver, Calgary, Edmonton and Halifax, and only slightly higher in Toronto, Montreal and Winnipeg.

Highlights

• Office vacancy rates on the rise due to new inventory
• More balanced office leasing market presenting tenants with prime opportunity to negotiate leases
• Downtown Toronto office rental rates among most competitive in the world 

New Office Inventory Brings Market into Balance

With approximately 4.1 million square feet of new office inventory coming to the downtown market late this fall and the increased competition within the landlord community, the Greater Toronto Area (GTA) is likely to become even more tenant-friendly in the months ahead.

Devencore Real Estate National Portrait - Spotlight on the Greater Toronto Area, Fall/Winter 2009