Canada office insights

Momentum improving in Western Canada, but vacancy continues to rise to new highs overall

January 24, 2024
  • 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.     

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