Overall Office Vacancy Rates Across Canada Edges up to 6%
Over the course of 2013, the combined Class "A" and Class "B" vacancy rate in Canada's major cities edged up from 4.5%-5.9%. Newmark Knight Frank Devencore tracks 972 Class "A" and Class "B" downtown office buildings across the country, which collectively provide just under 210.5 million square feet of space.
- Downtown combined vacancy rate rises to 6.0%
- Over 5 million square feet of new space set to arrive on market by 2017
- Sublease space increases in downtown core
Construction Boom Continues In Downtown Toronto
Between 2008-2011, almost 4.5 million square feet of new Class "A" office space was delivered to the downtown Toronto market. The demand for this premium-quality space has been high and the great majority has been leased. With vacancy rates still tracking at relatively low levels, a new spate of construction projects has been launched over the past 2 years. Once all of these projects are completed, another 5 million square feet of state-of-the-art office space will be added to the downtown Toronto inventory.
NKF Devencore - Real Estate National Office Market Report - Toronto - Spring/Summer 2014