Vacancy rate shrinks in Hamilton's office segment

by Gerv Tacadena on 06 Feb 2020

The growing number of jobs remained crucial in lowering the office vacancy rate in downtown Hamilton, according to a report from the city council's general issues committee.

The vacancy rate of the office segment in downtown Hamilton was 11.9% last year, the lowest in the last eight years. This rate goes down to 7% if office towers were excluded.

CBC News reported that the decline in the office vacancy rate coincided with the 0.5% increase in jobs in the city over the past year.

"The trends are continuing, and for the last decade, we have been maybe not celebrating enough the revitalization of downtown," said Jason Farr, Ward 2 councillor.

The committee report also found that the city is slowly adopting the co-working trend, with employers allowing work-from-home setups.

The table below shows the nine-year improvement of office vacancy rates in downtown Hamilton:

Post a Comment

Most Trending News

Fixed-rate mortgages have gone up, but it doesn’t matter

News of a fixed rate increase might inspire consumers driven by fear of being priced out of the market in Canada.

Read More
Post-COVID return to the office depends on where you live

Even before COVID-19 moved us all to work from home, reevaluations of office space were already underway, but not nearly to the extent they are now.

Read More
Millions in delayed closing compensation left unclaimed

This consultant and real estate investor said that a third of new construction properties built every year in Ontario have legitimate claims for reimbursement, but they aren't taken advantage of.

Read More