Commercial real estate services firm CB Richard Ellis reported that the citywide vacancy rate stood at 5.7 per cent in the fourth quarter, up from 5.1 per cent a year earlier.
Businesses across the country are starting to act on their need for office space after putting off decisions during the recession. This increase in leasing activity, combined with improved access to capital, is giving industry observers confidence the sector is gaining momentum heading into the new year.
“While the general commercial real estate outlook for 2010 is mixed, confidence in the Canadian economy and its impact on the sector’s recovery cannot be underestimated,” said CB Richard Ellis vice-chairman John O’Bryan in a statement.
“As we head into 2010, anticipated economic stability will gradually allow the country’s commercial real estate market to improve.”
