Canadian office vacancy on the rise

Office vacancy is on the rise in major Canadian markets, says Avison Young's 2010 Forecast.
The report, released today, says the national vacancy rate for office space is up 270 basis points (bps) to 9.0% and is poised to reach 10% by the end of this year.
Calgary (plus-410 bps to 10.1%), where many speculative office buildings are starting to come on the market, and Toronto (plus-340 bps to 10.5%), which is witnessing the launch and effects of new downtown office towers, took the biggest hits. Regina and Winnipeg, on the other hand, experienced modest vacancy increases.
Vacancy in Regina inched up to 1.5% from 1.2% and Winnipeg's rate increased to 5.4% from 4.8%.
Meanwhile, Vancouver vacancy is expected to encroach 8% this year after ending 2008 at 5%.

To check out the Avison Young 2010 National Forecast, click on this link.

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