Office Insight Reports - Canada Q4 2019
Canadian office market ends 2019 on a high note; trend expected to continue through 2020
The Canadian office leasing market continued its strong run ending the year with an impressive 1.7 million square feet of positive net absorption or nearly 6.9 million square feet for the year. Total vacancy dropped for a seventh consecutive quarter to 10.0 percent, the lowest since Q4 2014. Market conditions vary significantly by region, however; Vancouver, Toronto, Montreal, and more recently Ottawa, are seeing strong demand driven by growth in the finance, business services and technology industries, while Edmonton and Calgary continue to struggle with the aftermath of the oil crash in 2014. These trends are expected to stay on course through 2020.
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