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After a lackluster first quarter, demand for office space returned pushing vacancies down and rents up – sharply. Second quarter absorption came in as expected marking a return to levels experienced during much of last year. Rents, and in particular downtown rents, continued to surge higher as prime space continues to get more difficult to find. The office market is faring better than industrial results, with demand pushing development and rental rates higher. Canadian markets remain robust with most centres seeing a slow downward trend on vacancy rates. A strong national economy is expected to keep office assets in demand. The energy sector is expanding in Newfoundland, near-shore financial companies are seeking expansion in the Halifax market and development is booming in New Brunswick, also tied to the energy sector. The healthy state of the Atlantic Canadian region flows West with most Canadian centres experiencing positive growth, higher rental rates and declining vacancy rates. For a complete copy of this valuable reference tool covering statistics from most major centres in Canada and the US, please click the icon below.
Contact Pam Macfarlane at 902-423-1825 for more information.
  OfficeNAHighlights2Q2007.pdf
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