http://www.leaderpost.com/business/Regina+office+vacancy+rate+jumps/10116876/story.html
Regina's office vacancy rate jumps
By Jeremy Simes, Leader-Post August 14, 2014 8:41 AM
Regina's office vacancy rate jumpsAlthough the city's vacancy rate has jumped from 5.2 per cent to 11.04 in a year, it's merely a market correction, says commercial real estate firm Avison Young.
Photograph by: TROY FLEECE , Regina Leader-Post
Richard Jankowski
described Regina's new office vacancy numbers as a "win-win" for landlords and tenants.
Avison Young, a commercial real estate services firm, released its mid-year 2014 office market report for Regina Wednesday.
Jankowski, Regina's managing director, called the office vacancy rate's increase from 5.2 per cent in mid-2013 to 11.04 per cent in mid-2014 a healthy jump.
"The playing field has been smoother for both parties," Jankowski said.
"At the end of the day, if there is more equality in the marketplace, depending on which side of the table you're sitting at, then yes, it should be seen as a winwin."
But he admitted more tenants should absorb the influx of office space, which would decrease the vacancy rate.
"Today is one period in time. Six months from now, we could lease more office space, and have the vacancy rate down to 8.5 per cent," he said.
"There isn't a concern about filling the space. It's a market correction we are going through. Once tenants get out of their current agreements, they will have more options of (buildings) to look at," he said.