I have a return to written question asked by Mr. Dolynny to the Minister of Public Works and Services on June 6, 2012, regarding Yellowknife office space.
1. As of February 2012, the total inventory of Class
A and B general purpose office space in the Yellowknife market was reported to be 71,349 m
2
, or 768,000 square feet. Of this reported
inventory, 465 m
2
, or 5,000 square feet, was
vacant, for a .65 percent vacancy rate.
2. As of June 2012, the reported inventory of Class
A and B general purpose office space was 76,459 m
2
, or 823,000 square feet. Of this
reported inventory, 5,574 m
2
, or 60,000 square
feet, was reported vacant, for a vacancy rate of 7.29 percent.
Once the new Government of the Northwest Territories office building is operational, the total inventory of Class A and B general purpose office space in the Yellowknife market is estimated to be 82,459 m
2
, or 887,583 square
feet.
3. Based on the current estimated rate of
absorption of new general purpose office space in the Yellowknife market, the vacancy rate is projected to approach 325 m
2
, or 3,500 square
feet, close to zero percent, prior to the completion of the new GNWT office building in 2015.
The vacant inventory for Class A and B general purpose office space upon completion of the new GNWT office building is estimated to be 6,325 m
2
, or 68,083 square feet, for a vacancy
rate of 7.67 percent, which is considered healthy under normal competitive market conditions.