See examples of Offices to Rent in Edmonton
According to Cushman & Wakefield, the third quarter of this year has seen engineering and construction firms drive up demand.
The vacancy rate for suburban office space in the city has fallen to 15.3 per cent from 16.6 per cent in the second quarter, the research found.
Also, the suburbs recorded a positive absorption rate of 120,000 square feet. The report added that demand for office space in the suburbs will likely continue to grow over the next few quarters due to oilsands projects requiring more specialist services.
Shane Asbell, Head of Cushman & Wakefield’s Edmonton office stated: “With a strong oil and construction industry, our suburban market to the north has experienced positive absorption in Q3,”
“The increase in activity within this sector has also created opportunities for ancillary businesses such as law firms, accountants, environmental consultants and other professional services, helping create even further positive absorption in the suburbs.”
The vacancy rate for office space in downtown Edmonton has also fallen in the third quarter, down to 7.2 per cent from 7.5 per cent in the second quarter.
Early 2012 will see the completion of the 625,000-square-foot Epcor Tower which is predicted to have a significant impact on vacancy rates in the city.
The Cushman & Wakefield report also said that demand for office space in downtown Edmonton has been fairly weak of late.
Municipal and Federal government offices have not been exercising demand for offices downtown the report said, which has had a negative impact.
Toronto, Vancouver and Montreal have all also experienced a rising demand for office space according to Cushman & Wakefield.
Editor’s notes: In July 2023, it was reported that the office vacancy rate in Edmonton had grown to 24 per cent in the first quarter of 2023.
And that the national vacancy rate across all Canadian cities had grown to 18.1 per cent which was the highest since 1994.
Further information about the office space markets in other Canadian cities can be found in this article.