Market for downtown Edmonton office space rising
BY EDMONTON JOURNAL, EDMONTONJOURNAL.COM JULY 18, 2012 4:01 PM
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Demand is solid for office space in downtown Edmonton.
Photograph by: John Lucas, file , edmontonjournal.com
EDMONTON - Demand for downtown Edmonton office space rose in the second quarter, according to market reports released Wednesday by two commercial real estate firms.
Avison Young reported the downtown office vacancy rate dropped to 7.8 per cent from 8.5 per cent last quarter.
“Rental rates have jumped significantly, particularly in AA class buildings which have seen quoted rental rates rise from $25.50 to $29.00 and inducement packages decreasing this year,” Avison Young’s Office Report said.
It said fewer large contiguous blocks of space are available. “Whisperings of several new office tower developments could solve the current lack of contiguous space downtown,” the report said.
Avison Young was optimistic growth would continue in Edmonton’s office market.
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