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The national office leasing market posted negative net absorption for a second consecutive quarter; approximately 900,000 square feet has flooded the market in the past three months and put upward pressure on vacancy rates. Negative absorption was predominant in the Maritime and eastern markets with Halifax, Toronto, Ottawa and Montreal all ending in the red.
On the positive side, both Edmonton and Calgary saw improved occupancy with positive absorption recorded over the quarter. Vancouver, on the other hand, ended the quarter with negative absorption of approximately 100,000 square feet.
Nationally, JLL has recorded negative net absorption in four out of the past five quarters for a total of negative 2.2 million square feet or a quarterly average of negative 450,000 square feet. This is well below the quarterly average seen through 2011 and 2012 when JLL recorded 1.2 million and 2.4 million square feet of positive net absorption, respectively.
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