Canada’s office vacancy rate hits its highest level since 1994 in the third quarter – .

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Canada’s office vacancy rate hits its highest level since 1994 in the third quarter – .


TORONTO – CBRE Group Inc. says the vacancy rate for national offices reached 15.7% in the third quarter for the highest level since 1994 as people continue to work from home due to COVID-19.

The commercial real estate company says a fourth wave slowed down the expected return to work, helping to push the vacancy rate up 15.3% in the last quarter.

However, he says rental activity is picking up, driven in particular by demand from the tech sector, and that four of Canada’s top ten markets have seen occupancy rates increase.

Vancouver’s vacancy rate remains the lowest at 7.4 per cent, while Toronto is at 13.7 per cent and Calgary at 30.1 per cent.

The story is quite different on the industrial front, where vacancies are low while demand for distribution and logistics space remains at an all time high.

According to CBRE, the national industrial space vacancy rate was 2% during the quarter, while several markets, including Vancouver, London, the Region of Waterloo and Toronto, have availability rates below 1%.

This report by The Canadian Press was first published on September 23, 2021.

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