Canada office insights

Vacancy continues to climb, concentrating on Class B segment

October 20, 2023
  • Shawna Rogowski
  • Matthew Clark
  • Megan Keeler

Canada saw absorption reach approximately negative 1.53m s.f. in the second quarter, pushing national vacancy to a multi-decade high of 15.8%.  The Class A segment and suburban markets outperformed while the majority of added vacancy was in the Downtown Class 'B' segment, with several tenants consolidating into higher quality buildings. 


Click below to download the individual city insight reports:

Calgary office insight

Strong return-to-office continued to bolster Downtown’s office leasing market.     
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Montreal office insight

Class B & C spaces continued to take a backseat as tenants increasingly flocked to amenity-rich offices.     
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Southwest Ontario office insight

Residential conversions underway as landlords look to rightsize the market to meet demand.     
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Vancouver office insight

New sublease availabilities coming to a halt, while leasing velocity remains stagnant.     
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Toronto office insight

Downtown Toronto saw upswing in leasing activity despite economic headwinds.     
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Edmonton office insight

Edmonton on track for strongest annual office absorption in several years.     
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Ottawa office insight

Office-to-residential conversions gaining traction amid softening office market.     
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