CBRE’s Ross Moore points to a period of slow employment growth as one reason why lacklustre leasing was one of the main trends in CBRE’s National Office and Industrial First Quarter 2014 Statistical Summary. Q1 is the fifth consecutive quarter of tepid demand for office space in existing buildings. Toronto and Vancouver are inching closer to that 10% office vacancy rate threshold (six other Canadian cities already are there) and should cross that line. “This is good news for tenants who will have more leverage in lease negotiations,” Ross says. Snapped is Ross with IPD’s Simon Fairchild at the REALpac forum in February.
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