Research

Western Corridor Office Market Dynamics, Q3 2024

Summary and analysis of Western Corridor's current office real estate market conditions.

November 26, 2024
Contributors:
  • Elaine Rossall
  • Vicky Heath
  • Barrie David

Occupier activity was strong with almost 491,700 sq.ft. leased in Q3 2024, boosting the Q1-Q3 2024 figure to 1.28 million sq.ft.

There is 1.61m sq.ft. currently under construction across the region, with 674,000 sq.ft. already pre-let.

Overall supply moved down over the quarter; tenant preference for good quality space resulted in Grade A vacancy decreasing to 7.7%, the lowest level since early Q3 2020.

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