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.