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Despite the lackluster economy, Canada’s office market saw some firming at year-end and posted 472,483 square feet of positive net absorption in the fourth quarter. This is a positive sign and marked the third consecutive quarter posting positive net absorption. However, it was not enough to offset the first quarter’s two million square feet of negative net absorption. The quarterly uptick in occupied space was driven primarily by tenants in Metro Vancouver and the Greater Toronto Area (GTA).
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