Canada office outlook - Q3 2020

The fragile return of leasing activity in Q3 is bookended by a second wave of COVID-19 and the largest quarterly occupancy loss in over a decade

In Q3, the Canadian office market experienced its largest negative quarterly net absorption in over a decade, totaling nearly 2.7 million square feet of occupancy losses as total vacancy rose 60 basis points to 10.8 percent. However, Canadian markets also saw a slight return of large block demand (20,000 square feet or over) after the drastic slowdown in Q2, driven primarily by Energy, Financial Services, and Technology occupiers in Toronto, Calgary, and Montréal.

Q3 2020 Canada Office highlights
Q3 2020 Canada Office statistics by market

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