Canada office insights
Momentum improving in Western Canada, but vacancy continues to rise to new highs overall
- Matthew Clark
- Megan Keeler
Canadian office markets closed 2023 with over 5.3m s.f. in new completions, compared to -4.4m s.f. in net absorption, thus pushing vacancy to a new record high of 16.6%. Occupiers are taking advantage of furnished sublease suites to save on capital expenditures.
Click below to download the individual city insight reports:
Calgary office insight
Large Q4 leases decreased Trophy and Class A availability Downtown; Suburban lease velocity remained stagnant.
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Montreal office insight
Class A assets show signs of resilience as investors close out the year with notable acquisitions.
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Southwest Ontario office insight
Leasing momentum continues to shift to suburban nodes.
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Vancouver office insight
Periphery and suburban markets face declining office demand while downtown continues to show resilience.
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Toronto office insight
GTA leasing activity continued to rebound amid tenant-favourable market.
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Edmonton office insight
Positive leasing momentum continues into 2024 with strongest quarterly absorption in five years.
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Ottawa office insight
Office to residential conversions removing Downtown Class C from inventory, lowering vacancy.