(Source: Financial Post)

The amount of unused office space business put on the sublease market grew by almost 75% last quarter from a year ago, a further indication of the crumbling economy.

CB Richard Ellis Ltd. said more than 7.7-million square feet of office space came back into the market across the country, an increase from the more than 4.4-million that hit the market last quarter. The sheer size of the increasing sublease market drove the national vacancy rate to 8.3% from 6.4% a year ago.

“The deepening recession has prompted businesses across the country to continue to identify ways to trim overhead and pare back their need for phantom space,” said John O’Bryan, vice-chairman of CB Richard Ellis.

Read Garry Marr’s full article “Office sublet market soars 75% as businesses cut back” in Canada.com (June 22, 2009).

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