Office vacancy rates top 13 per cent for first time ever
Report shows a glut of new office space in Edmonton
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Edmonton's office vacancy rate has eclipsed 13 per cent.
A new report by real-estate firm Avison Young lists the city's rate at 13.4 per cent, or about two percentage points higher than it stood last summer, before a glut of new office space came online in the form of buildings such as the City Tower and the Kelly Ramsey tower.
In July 2015, Metro reported some in the real estate game were already fearful of Edmonton's trend.
Ian Bradley, vice-president at real-estate firm Colliers, said the trends all pointed to an office-space "bloodbath."
The report interestingly notes that tenants are snatching up top-tier, new office space in Edmonton — the Stantec Tower, still under construction, is 95 per cent leased, for example.
Many have pointed out that the owners of Edmonton's older office-space stock will have to remodel or refurbish to keep tenants. Others have suggested soon-to-be-vacated towers be repurposed for things like housing or start-up business spaces.
More to come ...