Suburban office vacancy rates outperform downtown markets despite surging new supply — via financialpost
“Downtowns were where it was at for a long time,” Jacobs said in an interview. “The employees were happier, you could hire more easily, you were closer to clients. But the suburbs have some advantages right now. There’s a lot of people saying ‘My commute is too long, it’s too expensive, there’s nowhere to park, I don’t feel safe downtown.’ Well, your boring suburban office park has great free parking and you can come and go as you please.
Jacobs believes the nation’s downtowns have likely overcome the worst of their vacancy problem, suggesting an improvement in the market. One contributing factor to this positive trend is the scarcity of new office spaces in suburban areas, which has played a role in reducing the vacancy rate in comparison to downtown.
“I would say the worst of this is over. A lot of new construction has been completed in the last year or two,” Jacobs said. “Between record high interest rates and work from home, I don’t think they’re going to build 40 storey towers downtown for a while. It was just a bit disruptive to the market because construction comes in cycles. A ton of construction was happening just as work from home was also happening, so there was a kind of double whammy for landlords downtown.
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