Expect Canadian Office Building Construction to Moderate Slightly in 2008
Abstract:
Although the key indicators of commercial construction for the country as a whole continue to flash green heading into 2008, Reed Construction Data is seeing some signs that the market may have peaked. For example, growth of office-based employment over the past three months (+3.2%) has slowed compared to the same period in 2006 (+4.3%). Calgary and Edmonton have the tightest office markets in the country; Vancouver has an acute space shortage downtown; and Toronto’s vacancy rate is its Lowest in six years.
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Although the key indicators of commercial construction for the country as a whole continue to flash green heading into 2008, Reed Construction Data is seeing some signs that the market may have peaked. For example, growth of office-based employment over the past three months (+3.2%) has slowed compared to the same period in 2006 (+4.3%). Calgary and Edmonton have the tightest office markets in the country; Vancouver has an acute space shortage downtown; and Toronto’s vacancy rate is its Lowest in six years.