Magazine article Journal of Property Management

Empty Office Buildings in Canada Becoming a Problem as Vacancies Hit 10-Year High

Magazine article Journal of Property Management

Empty Office Buildings in Canada Becoming a Problem as Vacancies Hit 10-Year High

Article excerpt

Financial Post, Marr

A new report by the Conference Board of Canada is sounding alarm bells regarding the country's office property market, which a number of analysts say has become saturated with vacancies. According to the board, after years of rapid development, softer than expected demand has led to a "growing glut" of unused office space and a 9.5 percent national vacancy rate - a 10-year high. The group says the saturation in the office sector is being particularly felt in construction, as spending has been on a steady decline since the third quarter of 2014. While Calgary has the worst economic picture in the country, vacancy rates are up in most cities with the major exception being Toronto. There, the downtown vacancy rate has dipped.

CBRE's own statistical analysis puts the current national office vacancy rate at 11.8 percent, which is also a decade high and a situation that is worse than during the global financial crisis of 2009. …

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