Edmonton vacancy rate still relatively low 

(Source: Edmonton Journal)

The global recession is weighing on Edmonton’s office market, but it’s holding up better than other major cities, says commercial real estate firm Cushman & Wakefield.

“The appetite for additional office space continues to decrease, both in the private and public sectors,” the company says in a first-quarter report.

“Decision-makers are apprehensive about making real estate decisions, delaying until they can gauge how the changes will affect their business and office space requirements.”

Downtown office vacancy increased by 0.2 percentage points to 3.3 per cent, according to Cushman & Wakefield. Direct Class A vacancy in the financial core remains tight at 2.5 per cent, and it’s even tighter in the government sector market with a 0.8-per-cent vacancy.

The suburban market softened more, with a vacancy increase of nearly two percentage points — going to 9.3 per cent from 7.4 per cent.

Read Bill Mah’s full article “Recession hits office market” in the Edmonton Journal (May 16, 2009).

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