Office Vacancy Rates Across Canada Continue to Track Below 5%
There were some surprises in the Conference Board of Canada's mid-2013 overview of the country's economy. Driven by a boom in oil production and resource development, the province of Newfoundland and Labrador is now leading the way in terms of real Gross Domestic Product (GDP) growth, with 6% growth forecast for this year and 3.4% growth estimated for 2014, outstripping all other provinces in Canada.
- Downtown Combined Vacancy Rate Rises to 5.1%
- Space in older Class "A" towers continues to be absorbed
- Building boom continues with over 5 million square feet of new space in construction or pre-leasing stages
GTA's Corporate Real Estate Market Still In Growth Mode
Tenant demand for new office tower space in Canada's largest city seems to be continuing. During the recession, over 4 million square feet of office space was built in Toronto. Most of that space has been leased. At present, over 5 million square feet of office space is under construction.
NKF Devencore - Real estate national office market report - Toronto - Fall/winter 2013