Colliers International has just released its 2014 North American Office Report and it shows that Calgary is one of the top 10 cities in North America in terms of office space under construction and vacancy. As the United States continues with its economic recovery, more jobs are being created and as a result more office space is required across the continent.
Here are the vacancy rate statistics for the top cities in North America:
- Toronto 6.6%
- Montreal 7.3%
- Bakersfield, Calif. 7.4%
- San Francisco 7.5%
- Nashville 7.9%
- New York Midtown South Manhattan 8.5%
- Saskatoon 8.7%
- Calgary 8.7%
Here are the top office markets for space under construction in North America:
- Houston - 17.3 million ft.²,
- San Jose-Silicon Valley - 8.3 million ft.²
- Toronto - 6.8 million ft.²
- Dallas - 5.4 million ft.²
- Seattle-Puget Sound - 5.2 million ft.²
- Boston- 5.1 million ft.²
- San Francisco - 5.0 million ft.²
- Washington - 4.7 million ft.²
- Calgary - 4.6 million ft.²
Both Edmonton and Calgary have also made it into the top 4 on the list for markets in North America in terms of the construction percentage versus the existing inventory. San Jose was at the top of the list at 11.3%, Edmonton came in second place at 8.6%, Houston was third on the list at 8.2% followed by Calgary at 7%.
It's projected that Edmonton and Calgary will continue to be the fastest growing markets this year. It's also expected that this momentum will carry on until at least 2018.