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2022 Outlook Report

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Although the Covid-19 vaccine rollout has been successful, the economic rebound has been unequal and fragile. Supply chain woes, labour shortages, and high inflation (CPI) are all potential threats to continued economic growth. Interest rates have increased substantially in 2021 when compared to year-end 2020, and the Bank of Canada is expected to begin raising its Overnight Lending Rate in the second half of 2022.

  • Work-from-Home and return to office plans are key to the health of the office sector. Employer flexibility and hybrid return plans are the way forward. The downtown vs suburban debate is back, but reversed. It was easier to follow talent downtown compared to trying to follow talent out of the vast suburbs.
  • The retail rebound is unequal, with labour shortages impacting operating hours. Supply chain issues and inflation, along with rising debt levels continue to impact discretionary spending, creating a drag on retail sales.
  • Demand for industrial space remains exceptionally strong, with e-commerce, grocery, film production, increasing manufacturing, ghost kitchens, and shifts in supply chain manage from Just-In-Time (JIT) to Just-In-Case (JIC) driving demand for space.
  • ESG is increasingly a priority for landlords, occupiers, investors, and lenders. Climate change and severe weather are driving up the costs of maintenance, insurance, and construction,

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2022 Outlook Report

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For More Information, Please Contact:

Scott Addison

President, Brokerage Services Canada

Toronto West

Scott Addison is the President of Brokerage Services at Colliers Canada, Canada’s leading commercial real estate services firm.  Scott has been working in commercial real estate for more than 30 years and is passionate about industry leadership and maximizing potential for Colliers people and its clients. Since joining Colliers Management Team, Scott has gone on to create a distinct culture of leadership, collaboration and superior client service. 

Appointed to the position of President of Brokerage Services in October 2015, Scott has been instrumental in driving both organic and strategic growth of the brokerage business in Canada. Scott oversees 28 offices across the country, motivating teams to accelerate success and be leaders in Canada's real estate services industry. Committed to providing value-enhancing strategies and solutions, Scott champions Colliers’ robust CRM platform and data solutions to deliver timely market intelligence to clients.

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Leo Lee

Director, National Research Operations | Canada

Toronto West

Leo Lee is the Director of National Research Operations | Canada and oversees the strategic direction and operations of Colliers Canada Research. He focuses on developing the capabilities of the national research team that leverages Colliers' best-in-class market intelligence and platforms to provide clients with valuable market insights.

Leo joined Colliers International in 2008 and was most recently the Regional Director of Research for Eastern Canada.

He has over 10 years of experience in the real estate market across Canada and New Zealand and draws on his professional experience as a commercial appraiser and real estate consultant.

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