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Office vacancy to drop in 2008

Strong demand and a lack of supply drives markets forward

The national office vacancy rate will drop from the current 6.2 percent by the fourth quarter of 2008 to 5.6 percent as major urban centres continue to see the amount of available space decline.

Cushman & Wakefield LePage’s Outlook ’08: Annual Market Review found that, of the five surveyed markets, only Calgary will see a rise in office vacancy rates in the coming year. Vacancies in Vancouver, Toronto, Ottawa and Montreal will fall.

Toronto, which represents over 40 percent of the total Canadian office market, will have projected vacancies in the central office market reach a tight 3.8 percent vacancy in late 2008, down from 6.2 percent at the end of 2006.

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December 28, 2007 in Toronto Real Estate Update | Permalink


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