Commercial and Office Vacancy Rates

Soderquist Appraisals (www.soderquist.ca) has put out their most recent survey on the commercial and office vacancy rates in Red Deer. These have built on previous reports conducted in 2012 and 2013. For commercial, the resulting vacancy rate has increased 0.98% year-over-year to the current rate of 5.06%. This is based on: Enclosed Malls; Strip Malls; and Power Centres. For office, the vacancy rate has decreased 1.82% year-over-year to 10.22%. This is based on: Class 1, Class 2, Class 3, and Class 4 office space.

Below is a summary of the report:

Commercial

2014 2013 2012
Total Area (sf) Vacant Area (sf) Vacancy Rate (%) Vacancy Rate (%) Vacancy Rate (%)
  1,053,611 87,602 8.31% 8.42% 5.56%
Strip Malls 2,275,721 114,713 5.04% 3.52% 4.16%
Power Centres 926,240 13,188 1.42% 0.49% 0.62%
Total: 4,255,572 215,503 5.06% 4.08% 3.73%

 

Office

2014 2013
   Total Area (sf)    Vacant Area (sf)    Vacancy Rate (%)    Vacancy Rate (%)
Class 1 964,205 92,946 9.64% 13.40%
Class 2 739,092 98,526 13.33% 12.90%
Class 3 234,891 12,296 5.23% 6.55%
Class 4 55,014 0 0.00% 0.00%
Total: 1,993,202 203,768 10.22% 12.04%