22:49:55 EDT Sat 22 Jun 2024
Enter Symbol
or Name

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Altus Group Ltd
Symbol AIF
Shares Issued 45,903,936
Close 2023-10-06 C$ 48.87
Market Cap C$ 2,243,325,352
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Globe says Altus sees older buildings losing tenants

2023-10-10 09:39 ET - In the News

The Globe and Mail reports in its Tuesday edition that businesses have been taking advantage of the reams of office space in Canadian cities, moving out of older buildings and into the newest office skyscrapers. The Globe's Rachelle Younglai writes that newer office towers with amenities and concierge service are known as Class A. They have always commanded the highest rents and are typically leased by large, established businesses such as the big banks and law firms. The more basic B-class offices, as well as the older C-class properties, with outdated heating systems in inconvenient locations, have traditionally competed with lower rents, but are now facing greater pressure to cut prices and offer even more incentives. The slump in office demand amid the growth of remote work has widened the divide between these no-frills buildings and the new gleaming towers with gyms, cafés and the latest HVAC technology. In fall of 2019, premier offices across the country's downtowns had a 10-per-cent vacancy rate, and the Bs and Cs had a rate of 12 per cent, according to commercial real estate firm Altus Group. In Toronto, the vacancy rate was 4 per cent for Class A buildings, and 5 per cent for the more basic and older stock.

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