Downtown Office sector remains a tenant's market
At the end of 2017 Regina’s office market is largely unchanged from last year. Though the vacancy rate has again fallen slightly to 11.79%, the downtown remains a tenant’s market. The pressure for landlords to attract new tenants is high and perhaps even higher to retain tenants through rate reductions and other incentives. With little activity in the market, vacancy rates are likely to remain higher for years to come.
- Downtown asking rates held steady with Class A asking rates averaging $23.11, a slight drop from 6 months ago.
- Downtown vacancy fell further to just over 480,000 square feet which results in a 11.79% vacancy compared with 12.43% six months ago.
- Suburban Asking rates at Class A properties are unchanged over the past year at $25.00.
The suburban market now shows the vacancy rate at 13.53% which is an increase from 11.98% six months ago and 12.51% at the end of 2016.
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