Edmonton Office Market Report Q2 2020

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research article

Q2 2020 and the impact of COVID-19 on the office market have resulted in the world's largest ‘work-from-home’ experiment where employees, many for the first time, have had to transition to a mobile work location as physical distancing measures were put into place beginning in March. This quarter did not see any drastic changes in vacancy or absorption (35K SF of negative absorption). However, the number of leasing transactions recognized this quarter was down significantly as a direct impact of the pandemic on the market. As a result, we will likely see an even quieter second half in 2020, as many transactions completed in the latter half of 2020 may not be recognized until next year.

Some notable transactions this quarter included Scotia Wealth Management leasing over 60,000 SF in Stantec Tower and the Alberta Retired Teacher's Association (ARTA) moving from 11835 – 149 Street and subleasing over 30,000 SF at the Former Stuart Olson Building at 15505 – 137 Avenue.


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Edmonton Office Market Report Q2 2020

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For More Information, Please Contact:

Phil Goh

Senior Vice President, Office | Brokerage

Edmonton

Phil Goh has been involved in the office leasing and sales side of commercial real estate since 2005 and has accumulated wealth of experience and success in negotiating, creative problem solving as well strategic planning on behalf of his clients. Phil is an expert who specializes in the Edmonton office market and has consistently been a top producer for the Colliers Team. Phil's attention to providing only the highest quality service for his clients in order to help ensure the success of their business is what sets him apart from the rest. His extensive experience and market knowledge allow him to offer value with leasing, lease renewals, office sales transactions as well strategic planning or real estate consulting.

 

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