Office Vacancy Rates Continue to Decline in Canada's Major Cities
Even though uncertainty seems to be the new normal in global economic matters, the corporate real estate markets in Canada through 2011 have so far remained relatively healthy.
Indeed, the overall vacancy rate in Class "A" and Class "B" office buildings in Canada's major cities-including Toronto, Montreal, Vancouver, Calgary, Edmonton, Winnipeg and Halifax-dropped from 6.8% to 5.4% over the first half of the year. Total vacant space fell from 14 million square feet to just over 11 million square feet, while the total inventory Newmark Knight Frank Devencore tracks in these cities increased by approximately 300,000 square feet.
- Downtown Ottawa vacancy rate poised to rise significantly
- Major new developments being proposed for downtown core
- Tenant leverage should soon improve downtown
- Ericsson, Avaya lease space in Kanata
Dynamic of Greater Ottawa Real Estate Market Continues to Shift
The dynamic of the corporate real estate market in the Greater Ottawa area continued to evolve throughout much of 2011, with vacancy trends that had held sway in the downtown core and in Kanata for the last few years beginning to shift.
NKF Devencore, Real Estate National Office Market Report - Ottawa, Fall/Winter 2011