Richmond’s office market continues to recover since peaking in 2010 when one in every four offices were empty.
Avison Young’s year-end Metro Vancouver Office Market Report for 2013 shows Richmond no longer boasts the worst vacancy rate in Metro Vancouver.
At year’s end, Richmond’s rate sat at 15.4 per cent—nearly double the Metro Vancouver average of 7.8 per cent, but better than Surrey’s high of 17.3 per cent.
Richmond’s rate is now at its lowest point since mid-2008, according to the real estate firm. It reached a peak of 24.6 per cent in the 2010 Olympic year.
“While leasing activity remained limited, vacancy continued to decline in all classes as tenants occupied existing properties,” says the report.
Class A properties—the most desirable—still have the highest vacancy rate of 19 per cent. The rate for the lesser Class B rests at 7.9 per cent, while Class C properties boast the lowest rate: 5.7 per cent.
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