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Altus Group Ltd
Symbol AIF
Shares Issued 45,867,817
Close 2024-01-11 C$ 44.30
Market Cap C$ 2,031,944,293
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Post says Altus finds office vacancies steady at 17.6%

2024-01-12 09:28 ET - In the News

The Financial Post reports in its Friday edition that Canadian office tenants have the upper hand when it comes to negotiating with their landlords heading into 2024 after a year in which availability rates stabilized at elevated levels. The Post's Shantaé Campbell writes that according to a new report from Altus Group, Canada's national office availability rate remained steady at 17.6 per cent in the fourth quarter of 2023, with sublet space dropping to 17.4 per cent of total available office space. While the supply of available sublet space declined slightly, Altus's Ray Wong said tenants still have an advantage over all because of choices in the market. "When you look at the numbers with respect to Toronto, it has an availability rate at 18.1 per cent," Mr. Wong said. "Class A space, which is the most in demand, tenants still have the upper hand at 15.7 per cent." Sublet spaces, where tenants can avoid additional costs such as carpeting, painting -- and in some instances, even furniture, which departing companies are leaving behind, are one of those options. "From a cost advantage standpoint, it makes sense," he said, adding that option is renegotiating leases to occupy less space while extending lease terms.

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