Globe and Mail Update
Published Monday, Jun. 27, 2011 9:20AM EDT
Last updated Monday, Jun. 27, 2011 9:24AM EDT
Canada’s office space vacancy improved in the second quarter, led by a record-setting recovery in Calgary.
CB Richard Ellis said the 8.6 per cent vacancy rate improved from 9.3 per cent in the last quarter, and was at 10.1 per cent a year ago. Tenants leased 3-million square feet of space, compared to 1.2-million square feet a year ago. The report doesn’t track rents.
“As a whole, the national trend for the office market is improving fundamentals, however, the performance of Calgary’s office market is absolutely staggering,” CBRE said in a statement. “Since peaking in the second quarter of 2010, Calgary’s vacancy rate has recovered at its fastest pace ever, down 630 basis points year-over-year to 9.4 per cent.”