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Why You Should Watch Victoria’s Office Market This Year
Morguard research chief Keith Reading is monitoring Victoria's office market in 2016; after three years of tepid growth, his firm forecasts the capital's economic output will increase between 2% and 2.6%. While that doesn't sound big, Keith says "the market's small enough that it makes a big difference." Victoria is dealing with an excess of office supply, including Morguard’s own The Offices @ Uptown, where 51% of 275k SF has been leased. “I'm anticipating things to pick up there," Keith says. "And that should tell us whether the local economy is improving.”
