Canada Office Figures Q1 2022

04 Apr 2022

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‒ Office vacancy continued to press upward after a brief reprieve at year-end, now 16.3%. The outlook is optimistic with many businesses set to more formally return to in-person work soon.

‒ Positive net absorption was recorded in five of 10 markets this quarter, predominantly in Western provinces following earlier reopening guidelines.

‒ Sublets currently account for 18.7% of vacant space or 3.0% of inventory. This is down from the market high of 22.2% of vacant space recorded a year ago in Q1 2021.

‒ Nationally, construction levels remained largely stable into the new year, decreasing slightly to 14.7 million sq. ft., 56.2% pre-leased. 

‒ Tenant demand for modern offices has resulted in all projects underway in Winnipeg, Halifax and Waterloo Region 100% pre-leased.