The office market in London, Ontario is comprised of just over 7.7 million square feet of competitive leasable space with approximately 4.5 million square feet located in the core area. Core area rates range from $8.00 per square foot to $20.00 per square foot net. There is continued downwards pressure on Net Rents as operating expenses continue to rise.
- Many full floor opportunities remain available in the core area.
- 15 to 20 percent of the space in 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 $6.00 to $18.00 per square foot.
- Class A buildings in London’s core market are the predominant class with just under 2 million square feet of supply, 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.