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Canada Office Figures Q2 2022

05 Jul 2022

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‒ Office market conditions are steadying following a challenging first quarter. With omicron concerns now largely abated, Vancouver and suburban markets are leading the office market’s protracted recovery.

‒ This recovery continues to be uneven, however. Downtown centres are increasingly lagging suburban markets, Toronto office conditions slipped as economic and tech-sector uncertainties heightened, and the national vacancy rate for downtown Class B office towers sits at 21.0% as occupiers rebuff commodity space.

‒ National sublet space retreated in Q2 and in absolute sq. ft. is at its lowest level since Q4 2020. Subleases currently account for 17.9% of total vacancy or 3.0% of total inventory.

‒ Construction levels increased in Q2, with over 15.1 million sq. ft. now underway nationally with a handful of projects kicking off in the suburbs of Vancouver and Calgary.