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With some of the recent events and policies south of the Canadian border it’s no surprise that there is a squish for office space, as reported in the Province by Sam Cooper. While vacancy rates have dropped from 8.3 per cent to 6.8 per cent and sound healthy compared to the housing market, they are not.
“The report from professional services firm JLL says a tight Vancouver commercial real estate market will be driven by new demand from technology companies. Vacancy rates could dive from about seven per cent currently to three per cent in 2019, the JLL report says, which would be “the lowest vacancy rate on record.”
How low is a low office vacancy rate? Cushman and Wakefield estimated that by 2019 “Vancouver is predicted to have the second-lowest office-vacancy rate in the Western hemisphere. ” The vice-president of the services firm JLL…
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