Global Courant
TORONTO –
A report from commercial real estate firm CBRE says nationwide office vacancy rates in Canada rose in the second quarter to the highest level since 1994.
The company says office vacancy rates rose to 18.1 percent in the second quarter, up from 17.7 percent in the first quarter.
It was the highest level since the first quarter of 1994 when it was 18.6 percent.
The increase came as the vacancy rate of downtown offices rose to 18.9 percent in the second quarter, compared to 18.4 percent in the first quarter. The vacancy rate of offices in the suburbs was 17.1 percent, compared to 16.8 percent.
The company says that downtown vacancy rates in the second quarter were slightly higher in all major centers except Calgary and the Waterloo region.
CBRE says Canadian office markets are grappling with the threat of a recession, interest rate hikes, weakness in the technology sector, tenants downsizing and new office supply offerings.
This report from The Canadian Press was first published on July 4, 2023.
