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The Canadian city of Edmonton is seeing a rising demand for suburban office space, according to recent research from a leading real estate company.
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 percent from 16.6 percent 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 percent from 7.5 percent 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.
