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Media Centre

Date Entered: 02/22/2017
Subject: Calm Amidst The Chaos: Charlottetown
Attachment: 91.pdf (Original file name: 2016 Dec Charlottetown Office Press Release.pdf)

Charlottetown’s historically high vacancy rates in Class A and B office space might be disguising an otherwise optimistic market when compared to the rest of Atlantic Canada. This year, overall office vacancy rates in Charlottetown decreased (albeit slightly, by <1%). Increasing, even skyrocketing, vacancy rates have been recorded in every other major Atlantic market. However in Charlottetown, Class A vacancy fell from 17.34% in December 2015 to 14.95% in 2016, leading an overall decrease in vacancy: from 15.84% in 2015 to 14.99% at the end of 2016. Class B space continues to face high vacancy, climbing 1.2 percentage points versus last year, to the current 20.84%. In contrast, Class C vacancy continues to be the lowest of any market on the east coast, holding steady at just 2.95%.