July 6, 2022

Canada Office Figures Q2 2022

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.

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