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, Montréal and Winnipeg.
- Vacancy rates continue to rise
- Building projects on hold pending signature tenants
- Tenants examining strategic options for property portfolios
- Greater range of opportunities for tenants
Tenants Retrenching in Downtown Montréal Office Market
In our Spring 2009 market study we detailed how corporate vacancy rates had begun to rise in downtown Montréal as global recessionary pressures made their effects felt, and we anticipated that more office space would arrive on the market in the months to come. Over the past two quarters this is precisely what has happened. Corporate vacancy rates now hover in the 7.4% range, among the highest in the country's major cities.
Devencore NKF Real Estate National Portrait - Spotlight on Downtown Montreal, Fall/Winter 2009