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Research

Canadian Office and Industrial Markets Q1 2017

Canadian Office and Industrial Markets Q1 2017

Canadian Office and Industrial Markets Q1 2017
  • The major office markets in Canada, Vancouver, Calgary, Edmonton, Toronto, Ottawa, and Montreal, equate to 476 million square feet of inventory – 89% of the entire country.
  • The Q1 2017 Canadian office market saw an average vacancy rate of 10.3%, up from 10.2% in Q4 2016. Toronto (5.8%), Thompson Okanagan (5.9%), Vancouver (7.5%), Victoria (7.8%), Winnipeg (8.3%), and Montreal (9.0%) all fell below the national average. Alternatively, Regina (23.2%) and Calgary (22.9%) led the pack with the highest vacancy rates.
  • Q1 2017 office absorption reached 665,000 square feet nationally. All the markets recorded positive absorption aside from Edmonton (-187k), Calgary (-154k), Ottawa (-108k), and Halifax (-67k). Vancouver and Toronto posted the highest absorption at 600,781 and 330,837 square feet, respectively.
  • The Canadian industrial vacancy rate was at 3.0% in Q1 2017, no change from the previous quarter. Toronto represented the lowest vacancy rate at 0.9%, followed up by Vancouver at 2.2%.
  • Overall demand remained strong in Q1 2017, reaching 1.2 million square feet of positive absorption across Canada. The 12-month rolling total reached 5.8 million square feet, with Vancouver and Toronto representing the majority of the activity. 

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For more information, please contact

Craig Hennigar

Craig Hennigar

Director, Market Intelligence, Canada
Office:
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+1 604 692 1452
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+1 604 505 1710
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