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As a result of the negative absorption, coupled with almost 2.5 million square feet of new construction deliveries, the national vacancy rate increased for the 12th consecutive quarter to 10.3 percent, up 30 basis points quarter-over-quarter and 130 basis points year-over-year. As expected the national vacancy rate is increasing steadily in tandem with the construction cycles underway in Toronto, Montréal, Calgary, Edmonton and Vancouver.
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