National Commercial Office & Industrial Statistical Summaries
HOW DID THE OFFICE AND INDUSTRIAL MARKET DO IN Q3 2021?
AUTHOR: CUSHMAN &WAKEFIELD KINGSTON | DATE: OCTOBER 13TH
Cushman and Wakefield Research Canada has released the national office and industrial statistical summaries for Q3 2021. The report uncovers the highs and lows of the industrial market, with the office market showing some good signs, leaving us with cautious optimism.
Here are the highlights:
- The bad news: Office vacancy rose in Q3, although, "this was primarily driven by weakening conditions in select markets rather than widespread softening across the country."
- The good news: Office absorption has consistently improved each quarter since its low in Q2 2020.
- Industrial vacancy continued to decrease in Q3 2021 as absorption reached 7.2 msf, "and brings the year-to-date total to just shy of 19.7 msf, a dramatic 74% increase from this same time period in 2020."
- Industrial rental rates increased as many Canadian markets saw record-low vacancy.
More from Cushman and Wakefield Kingston:
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- Commercial Property For Lease
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