Office crisis in major markets not here yet
Despite concerns raised by Avison Young of over-supply in the Toronto office sector, which they say could become a big issue by 2017, there is some good news for the office market. Figures from CBRE Ltd show that in the last quarter the office sector in Toronto and Calgary saw plenty of leasing activity. The national picture is not as buoyant although the nationwide vacancy rate fell to its lowest for two years. CBRE says that deals are happening but there is also some negative activity in the sub-let market where companies are giving up space. As the economy improves there is expectation that hiring should pick up although smarter working practices may mean that office space requirements will trend lower. Read the full story.