Office Vacancy Rates fall in city
Bob Andjelic, president of Sun-X Properties, is arguably positioned best to take advantage of the lack of supply in industrial space. Sun-X has recently acquired more than 100 acres of serviced industrial land, including the 26-acre Labatt property. "That 2.9 per cent (vacancy rate) may even be a little low," Andjelic said, "because there is lots of dysfunctional space on the market. There is no doubt there is a shortage of supply, especially quality space." Sun-X is about to commence construction on two 40,000-square-foot multi-tenant industrial buildings and Andjelic said he is looking to get early possession of the Labatt property so he can start first-phase development on that site -a 90,000-square-foot building.