Mid Year 2009 National Office Report – Avison and Young
Posted by: admin / Category: UncategorizedAlthough the national economy slipped into recession in 2009, Canada’s office market fundamentals, though shaken, remain relatively intact across most markets and asset classes. However, since real estate is viewed as a lagging indicator to the rest of the economy, it will be interesting to see how the various office leasing markets perform in the coming quarters.
As of mid-year 2009, Canada’s national office vacancy rate sits at 8.5%, up from 6.1% at mid-year 2008. While different dynamics are at play, nine of the 11 Canadian markets surveyed continue to display vacancy rates below 10%. Presently market-wide vacancy rates range from a low of 2.3% in Regina to a high of 10.8% in Mississauga.
A closer look at the downtown at suburban markets reveals increases in year-over-year vacancies from 4.4% to 6.9%, and 8.0% to 10.4% respectively.
National Overview – Mid Year 2009 National Office Report – Avison and Young.
