For the third consecutive quarter this year, the Edmonton office market reported negative absorption and increased vacancy overall, driven by the performance of the downtown market.
- Despite the increased vacancy rate, there was a significant increase in the number of lease transactions completed quarter over quarter. We reported 71 new lease transactions totaling over 427,000 square feet during Q3, up from 48 transactions totaling 228,000 square feet in Q2, and 43 transactions totaling 170,000 square feet in Q1.
- As the mandatory work-from-home order has recently been reinstated in Alberta, we will likely see a temporary delay in back to office initiatives; however, tenants who have a clear understanding of their long-term office requirements will continue to be able to take advantage of the current tenant-favorable market conditions.
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