At the beginning of June, the City of Hamilton released a report stating that the downtown office vacancy rate was 12.7% in 2018. This was a 1% drop from 2017 and the rate has been on a decline since 2015. This figure is much higher than the 4.9% office vacancy that is seen across the entirety of Hamilton at this moment in time. The report also touches on inventory and says that they “…anticipate the amount of inventoried space will continue to increase…”. A perfect example of Hamilton following a more global office trend can be seen right in the centre of downtown on the fifth floor at 21 King St. W. where “…the world’s largest global coworking provider opened a 13,000-sq. ft. space…”.
If you are ever curious about individual metrics or are looking for more specific insight into the commercial or residential real estate markets, or how they may be related to Hamilton economic indicators, contact us today! We are Your Real Estate Professionals and consider it our duty to keep you informed and up to date on the latest market trends.