Q4 was the first quarter in two years that registered positive absorption. While it was nominal, it perhaps sets a barometer heading into 2022 for an increase in market activity and overall outlook. The market continues to operate in a state of bifurcation however, which must be understood by tenants with requirements to ensure their expectations are set accordingly.
Although the Class AA market vacancy has been hovering around its current levels of 18.83% for some time, the big difference is most of the cache pockets (with views, built out to a high standard or move in ready) are becoming thinner by the quarter. With that, along with the increase in oil and gas prices, landlord expectations are slowly starting to increase in this sector of the market.