The new development at River Landing is causing a ripple effect throughout the office market, increasing vacancy and average asking net rental rates. Vacancy has risen to 16.5% citywide and a further 653,00 square feet of space is under construction. Colliers predicts a further increase in vacancy over the coming years, especially in older B and C class buildings.
- City-wide vacancy stands at 16.5%.
- Asking net rate rises to $23.08 as River Landing creates a new level of premium rates.
- There remains over 600,000 square feet of office space under construction.
- Co-working space is becoming more popular with an estimated 66,000 square feet of flexible working space available.
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