Office vacancies continue to increase in downtown Edmonton
Posted July 10, 2023 12:16 pm.
Edmonton’s downtown may appear a bit quieter than usual.
Office vacancy in the core increased half a point to 24 per cent in the second quarter of 2023 according to real estate service CBRE Limited.
Despite the jump, Edmonton’s downtown business real estate is doing better than Calgary’s which 35 per cent vacant.
The national rate is just 18 per cent.
The report attributes the numbers to a perfect storm – citing the threat of recession, concerns over remote work, right-sizing tenants and new office space.
While office space saw a dip, industrial continues to fare well, with more than half of the new space rented out in the second quarter before it was even move-in ready.
