Not the best market to be in …

Office building promises to be in a slump for a while with lots of space on the market.

Vacancy rates in the commercial real estate market in Canada, both in terms of downtown and suburban offices, rose to 9.4 % from 6.3 % in the third quarter of this year compared to the same quarter last year, according to CB Richard Ellis.

Downtown Vancouver, Calgary and Toronto had the most noticeable rise in vacancy rates. Two new buildings in Toronto, for example, added 1.35 million square feet of space, bringing its vacancy rate to 9.1% from 6.6%. Vancouver’s vacancy rate increased to 8.9% from 5.4% and Calgary’s rose to 13.1% from 4.7 % thanks to the recession and falling oil prices.