Canada office insight reports - Q1 2021
Increasing optimism in the market combined with tailwinds from accelerated vaccine distribution points to increased activity in the latter half of 2021
In Q1, the Canadian office market experienced its largest quarter of negative occupancy losses since the onset of the pandemic, with a record 4.2 million square feet of occupancy losses. This continued pressure has pushed total vacancy rate up 290 basis points year over year to 12.8 percent. However, direct asking net rents have increased by 10.6 percent over the same period, showing sustained optimism from market participants that we are on the road to recovery.