Despite tightening market conditions and an increasing demand for supply, the onset of the COVID-19 pandemic is allowing tenants and landlords to assess their options and prepare for the impact of the crisis.
- Prior to the outbreak, vacant space continued to decline as rental rates steadily increased in the market.
- Tenants are reluctant to relocate or expand their business amidst the impact of the global outbreak, but remain vigilant as operations rapidly shift to a "work-from-home" scenario.
- The provincial government suspends all construction activity with new supply likely to be delivered later than expected.
