Canada’s downtown office markets brace for wave of new inventory

(Source: CBRE)

Wavering economic fundamentals prompted vacancy rates to rise in Canada’s commercial real estate sector for the third straight quarter this year, according to a National Office and Industrial Trends Third Quarter Report from CB Richard Ellis Limited (CBRE) released today.

During the third quarter, the overall vacancy rate for both downtown and suburban office markets continued to climb, up from 6.3 to 9.4 per cent, year over-year. Limited new job creation in Canada’s ‘white-collar’ industries and the addition of new inventory in two of Canada’s three largest office markets are cited as reasons for the increase.

Read CBRE’s full press release here (September 21, 2009).

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