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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Hutcheson to head Oxford Properties

Oxford Properties Group has appointed Blake Hutcheson as its new president and CEO.
Starting Feb. 1, he will assume the duties currently held by Michael Latimer, who has been appointed chief investment officer with Oxford's parent, OMERS.
Hutcheson was head of global real estate with Mount Kellett Capital Management, a New York-based private equity firm with offices in around the globe. Previously, he spent 14 years with CB Richard Ellis in Toronto, most recently as president of the Canadian, Latin American and Mexican operations.
Hutcheson holds an undergraduate political science degree from the University of Western Ontario, along with a masters in real estate development from Columbia University and a graduate diploma international relations and comparative politics from the London School of Economics.
Named one of Canada's Top 40 under 40 in 2000, he has sat on many boards and committees, and chaired Toronto Mayor David Miller's Fiscal Review Panel in 2008 and is currently the vice chair of Build Toronto.
He will report to Latimer.