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Business advisory firm Cushman & Wakefield’s figures suggest that roughly 4.7 per cent of all Grade A office space to rent in Canada stood vacant in the fourth quarter of 2011, compared with 6.8 per cent 12 months before.
C&W described 2011 as a “strong year” for commercial property in Canada and noted that offices in Calgary saw the sharpest proportionate rise in demand during the period as vacancy rates fell from 12.3 per cent of all the available space to just 3.9 per cent.
According to C&W’s data, office vacancy levels in central Vancouver remained unchanged in the final quarter of the year but dropped from 8.1 per cent to 7.5 per cent during the full 12-month period.
“With forecasted economic growth for Canada at just under 3 per cent in 2012, demand for office space will remain steady, increasing pressure for new property developments, especially in the Calgary and Vancouver markets,” said Pierre Bergevin, C&W Canada’s president and chief executive.
The low and declining availability of offices to rent in downtown Toronto led the property advisor’s experts to predict significant development announcements in 2012 to ensure that the supply of space keeps pace with demand.
“We need new office buildings downtown to alleviate the pent-up demand and create additional supply of modern and functional office space,” said Paul Morse, C&W Canada’s senior managing director of office leasing.
The relevant report on Montreal’s office renting market said 2011 had been a much stronger year than the previous 12 months, but that very few large-scale office deals are currently available.
Editor’s notes: This page provides information about Canada’s office space market in 2023, including key figures for Calgary, Montreal, Toronto, and Vancouver.