Canada office insights

Vacancy continues to climb, concentrating on Class B segment

July 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

Asking net rents increase across all classes, showcasing another positive quarter.     
Request report >

Montreal office insight

Vacancy and asking rates increased slightly while landlords continued to upgrade their assets.     
Request report >

Southwest Ontario office insight

Residential conversions underway as landlords look to rightsize the market to meet demand.     
Request report >

Vancouver office insight

Overall vacancy remains steady, while sublease vacancy accelerates dramatically.     
Request report >

Toronto office insight

Right-sizing and flight-to-quality drives leasing momentum while the sublease market cools down.     
Request report >

Edmonton office insight

As election looms and population booms, office market momentum remains in suburbs.     
Request report >

Ottawa office insight

Ottawa’s vacancy rate hits double digits for first time in 5 years, market uncertainty continues.     
Request report >