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The Canadian office market remains in good health with solid demand and the lowest vacancy level in 11 quarters. “The strength of the market is a testament to Canada’s stable economy and strong business environment,” said Jim Becker, president of Jones Lang LaSalle Canada. In 2011, more than 10.7 million square feet of office space was absorbed across the country, surpassing 2010’s total by 1.9 million square feet ... »»»
20 of the most prestigious buildings in Vancouver's Central Business District (CBD) have a combined average vacancy rate of 2.1 per cent, less than half the vacancy rate of the entire Downtown market, which sits at 4.3 per cent. The proprietary Index, which tracks the leasing environment in Vancouver's CBD, explains that with this low vacancy rate, tenants in the competitive Downtown Vancouver office leasing market are faced with limited options in the most desirable office towers ... »»»
"Downtown vacancy rates are now returning to the record low levels we saw prior to the financial crisis in 2008-09," said Jon Bishop, vice president and managing principal of Devencore Company Limited. "With the tightness of supply, we expect that average asking rental rates, already among the highest in the country, will soon eclipse those achieved during the market peak of early 2008." ... »»»
Office markets in both Toronto and Vancouver's Downtown districts have remained very robust through the last half of 2010 and the first quarter of 2011. With the market tightening in downtown Vancouver, Newmark Knight Frank Devencore expects to see more tenants considering their options in the Burnaby, Surrey and Richmond submarkets, where there is a good deal more available space and where occupancy costs continue to be significantly lower ... »»»