Canada office insights
Tariff tiff halts growing momentum in the Canadian office market
- Scott Figler
- Timber Shao
- Megan Keeler
- William Schneider
- Graham Hyslop
Momentum had been building over the second half of 2024 as falling interest rates and improved business sentiment led to a resurgence in office leasing activity. This continued through February but then paused abruptly as tariff talk intensified. After staying flat in Q4 2024, office vacancy again resumed an upward trend, rising from 17.6% to 17.8%. Net absorption was back in negative territory at -468k s.f., while asking rents increased marginally.
Click below to download the individual city insight reports:
Calgary office insight
Both Downtown and Suburban availability and asking net rents remained steady from Q1.
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Montreal office insight
Sales volume and vacancy rates on the rise while job listings trend toward on-site roles.
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Southwest Ontario office insight
Recent completions,sales activity and growingtenant interest for leasing office space stabilizes the market.
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Vancouver office insight
Although leasing activity improves, large blocks of unoccupied space have brought overall vacancy to 10.9% across Metro Vancouver.
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Toronto office insight
Vacancy continues to climb, but expectations of an economic rebound are driving an increase in hiring.
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Edmonton office insight
Vacancy falls 30 bps as Edmonton market continues its hot streak.
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Ottawa office insight
Downtown and Ottawa West diverging on absorption and vacancy as public sector in-office mandates come into effect.
