Office vacancy continued to rise in Canada’s major markets in the first quarter of 2023 as tenants adjust to hybrid work and office landlords strive to maintain their appeal according to cbreCanada in its Q1 2023 Canada Office Figures report.
TORONTO — Office vacancy continued to rise in Canada’s major markets in the first quarter of 2023 as tenants adjust to hybrid work and office landlords strive to maintain their appeal.
Toronto’s downtown office vacancy rate hit 15.3 per cent, the highest vacancy Canada’s largest office market has seen since 1995. Vancouver’s downtown office vacancy rate rose to 10.4 per cent, the highest it’s been since 2004, while Ottawa and Montreal both recorded their all-time highest downtown office vacancy rates.
“The office market is in the midst of an evolution that is analogous to what the retail sector experienced over the past decade,” says CBRE Canada chairman Paul Morassutti in a statement. “Demand for cheap commodity space has evaporated.”
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