Overall Office Vacancy Rates Across Canada Rise to 6.6%
Some of the underpinnings of Canada's economy experienced significant changes in the last twelve months, with the precipitous decline of oil prices and the decline of the currency exchange rate chief among them.
The effects of these changes began to have an impact on corporate real estate markets across the country. Over the past year, the combined Class "A" and Class "B" office vacancy rate in the downtown areas of Canada's major cities increased from 6.0% to 6.6%.
- Downtown Combined Vacancy Rate Rises to 6.8%
- Developers Bullish on Projects Outside Downtown Core
- Growth of GTA West Office Market Continues
Downtown Core Transformed by Building Boom & Tenant Demand
The inventory of office space in Downtown Toronto continues to grow. Over the past twelve months, over 2.5 million square feet of new space has been added to the market, and tenant demand for this class of space has remained very strong. The financial services, hi tech and entertainment sectors are driving much of the demand.
NKF Devencore - Real Estate National Office Market Report - Toronto - Summer 2015