Canada's Office Market is Inching Closer to Equilibrium: CBRE

According to a new report from commercial real estate services firm

According to the report, 2.1M sq. ft of positive net absorption was recorded this quarter, though much of this was attributed to the delivery of pre-leased new supply. If excluding the gains from new supply, national net absorption would have still remained positive, totalling to 207,000 sq. ft. There is room for optimism on the pandemic recovery front for the country’s offices, even if remote or hybrid work is here to stay. According to the report, overall, minor recovery was noted over the quarter as vacancy decreased 10 basis points to 16.4% — a first since the onset of the pandemic. This was led by further improvement in the suburbs as downtown markets remained stable at 16.9% vacant.

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