Throughout the Thompson-Okanagan, strong tenant demand coupled with limited supply has resulted in an increase in new commercial building starts and downward trending vacancy rates.
- Kelowna's retail leasing market has been active with over 230,000 SF of space being absorbed in the last 12 months.
- Downtown lease rates in Vernon have risen in response to the drop in vacant space. Looking ahead, we expect these rates to increase further as available supply continues to decline.
- The Kamloops retail market has been extremely active, resulting in a significant drop in vacancy from 7.80% in Q2 2016 to 3.41% in Q2 2017. The lease up of the 128,000 SF former Target space has been a major contributing factor to this decline.
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