The high vacancy rate, which rose from 3.3 per cent in the second quarter, kept rents from rising more than 25 cents a square foot, according to the report.
“The last time it was that high as a percentage of the overall market was 2009,” following the 2008 recession, when it was 46.5 per cent and amounted to 427,000 square feet, said CBRE spokesman Ryan Starr. Most of the recent 20 or so companies offering sublets include nine each in creative and technology industries and two in engineering, said CBRE.
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