Hogtown and Cowtown Office Markets See-Saw
Further proof that Calgary and Toronto are Corsican brothers (actually there is no proof of that at all) Calgary lost 1.3 million square feet in the first six months of 2016, while Toronto gained the same during the same time period. Toronto now has a 9.4 per cent vacancy rate while Calgary is 21.6 per cent, according to a recent report from CBRE.
Not to be outdone, Vancouver had the highest average net rents for Class A office space at $31.28 per square foot downtown and $23.38 in the suburbs. Toronto averaged $28.38 per square foot and Calgary’s slipped to $19.59.
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