Whether you’re looking to rent out office space for your business, or you need a retail space to just start setting one up, the recent Canadian Market Outlook 2013 report is for you. This report, released by the CBRE this week, shows just where things stand now in office, retail, and industrial real estate, but also where it’s headed. Here we’ll break down what was to be found in this latest report.

Office Space
Vacancy rates closed out the end of 2012 with an 8.3 per cent vacancy rate. That meant more profits for landlords, and higher rents for those leasing out those spaces. Unfortunately for this latter group, this is a trend that’s going to continue. Of course, you can expect to find higher rates, and fuller buildings, in bigger cities such as Calgary, Toronto, Vancouver, and Montreal – all of these are expected to have vacancy rates that drop lower than 6 per cent. As folks start coming into the centre of these cities, they’ll also move out of suburban centres such as Waterloo, Ottawa, and Halifax – cities that are expected to see vacancy rates below 10 per cent. All of this means that leasing activity will likely be down in the coming year, and that there will be little supply in the office space market.

Industrial Space
Not much is different when it comes to industrial space that’s available, either. Currently this market sits at around 6.3 per cent availability, and it’s not expected to move very much. Vancouver and Montreal will be the two markets to experience the biggest drops in available industrial space, after experiencing. While this sector definitely won’t see the big drops experienced in 2010, it’s also expected to outperform the levels of 2008 for another two years.

Retail and Multi-Housing Space
If you’re looking to move your business into one of those popular retail-residential condos, you might be surprised at how easily you find it. This is the sector that’s going to be the best performer of all this coming year, although the arrival of Target is going to have a definite impact on the total retail sector – and the vacancies – that go along with it. If you’re looking at retail space this year, you also need to make sure that it’s going to be in a good location, especially if there’s going to be a Target anywhere near you.

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