Glut of City empty offices shrinks as market rises
Two full years after the commercial property market crash began, the flow of vacant office space that flooded Canada and West End has finally started to subside, reveals research from NB Real Estate, the leading commercial property agency.
According to NB Real Estate the percentage of office space in Canada that is empty fell to 10.1 per cent in third quarter 2009 having peaked at 11.9 peaked in the first quarter of 2009.
There is now 8.6m square feet of space available in the City compared to the high watermark of 10m square feet.
However, despite these low rents landlords are still being forced to offer unprecedented incentives to those few occupiers who are looking for space. NB Real
Estate says that after two bruising years and with the mist still hanging over the future outlook they have been understandably keen to seal deals.