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Research

London Office Market Report Q3 2017

London Office Market Report Q3 2017

London Office Market Report Q3 2017

The office market in London, Ontario consists of just over 7.5 million square feet of competitive leaseable space with approximately 4.4 million square feet located in the core area. Core area rates range from $8.00 per square foot to $21.75 psf net with an average asking rate of approximately $13.00 net. We anticipate there will continue to be reasonably strong demand for high-quality space in both the core area and suburbs.

Trends

  • Several full floor opportunities have recently come to the Class A market
  • 15 to 20 percentage of the downtown core is occupied by financial and insurance users; such as TD Canada Trust and London Life.
  • Net rental rates achieved this quarter range from $5.25 to $11.35 psf.
  • There is downward pressure resulting from increases in additional rent.
  • Class A buildings in London’s core market are the predominant class with just under 2 million square feet, and low vacancy rates.
  • With creative digital businesses continuing to grow in London, there is a steady demand for office space and building amenities suitable to these tenants.

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