Office Vacancy Rates Hold Steady Across Canada
Canada's economic engine slowed somewhat in 2012, with real Gross Domestic Product (GDP) growth of approximately 1.9% versus the 2.6% that was recorded in the previous year when the federal government's stimulus programs were more active.
- Downtown Combined Vacancy Rate Falls to 4.4%
- Demand for Premium Quality Space Remains Strong
- Next Wave of Tower Projects in 2014-2017 Should Provide More Options for Tenants
Growth in GTA Corporate Real Estate Market Continues to be Robust
Along with Calgary, Toronto continues to lead Canada in terms of new office developments and leasing transactions. Remarkably, over 1.2 million square feet per year of office space has been absorbed in the downtown district since 2008. Since that time, over 3.5 million square feet has been added to the downtown office inventory, and most of this space has been leased.
NKF Devencore, Toronto Real Estate National Office Portrait - Summer 2013