The Port City getting the dubious distinction of having the highest office vacancy rate in all of Atlantic Canada at 20.5-percent.
Turner Drake and Partners finding that the overall vacancy rate climbed almost 2.5-percentage points this year and that rate is set to increase again next year with demand decreasing.
Real estate consultant Matthew Whittleton tells us often when you have a building with chronic vacancy it becomes repurposed. He says it can become a retail building or condos pointing to the recent development on Prince William Street.
Whittleton also tells us nowadays offices are becoming less structured and moving away from the typical cubicle set-up. He says after the financial crisis in 2010 people are starting to re-think how they rent the space with each employee needing less space than what they previously needed.
Meantime, the city has the lowest overall office rental rate in the Maritimes however it did increase at 0.1-percent.
