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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

Partner, Strategy & Consulting Group

Toronto West

Scott Addison has been working in commercial real estate for over 30 years. As Partner, Strategy & Consulting at Colliers Canada, Scott uses this expertise to build effective real estate strategies for large companies and property owners.  He previously served as the President of Brokerage Services at Colliers International, appointed in 2015. Through Scott's  tenure in this role, he  demonstrated a history of leading top performing teams enabling him to oversee 28 offices across Canada. Scott  has driven organic and strategic growth of the brokerage business by committing to providing value-enhancing and client-centric strategies and solutions.
As a leader that believes in the power of diversity and inclusion, Scott is an executive sponsor of the Colliers' North American Diversity Committee. He is  dedicated to building an office culture that is enterprising, collaborative and inclusive.He has  led the integration of Colliers’ national proprietary CRM platform and data solutions to deliver timely and relevant market intelligence to our clients. As an advocate for innovation, Scott has been a mentor to the Colliers Proptech Accelerator program and fostered innovation by empowering individuals to advance their professional development.
Scott  holds a Bachelor of Political Science and Economics from the University of Toronto. Scott currently serve as Director at the Society of Industrial and Office Realtors (SIOR), and previously chaired the industry association’s Broker of the Year nominating committee. He has  also  been an active member of REALPAC, the industry association committed to the vitality of the Canadian real estate industry.


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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 15 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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