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National Market Snapshot Q2 2021

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Most of Canada only recently began to reopen as lockdowns began to ease in the second half of Q2 2021.  This and the vaccine rollout have resulted in optimism and have begun to reduce some of the uncertainty surrounding the return to the office.  Most tenants and employees are still unsure of how things will look six months from now, however, most are touting a hybrid strategy, splitting time between home and the office.  As a result, an increasing number of sublet offerings are being removed as tenants decide to keep their space on the anticipating they will need it later this year.

Colliers Canada is pleased to present our 2021 Q2 National Market Snapshot, with national statistics and regional market insights including vacancy rates and average net asking rents for office and industrial fundamentals in 12 key markets across Canada. 

Key findings from the report include:

  • Although net asking office rents continue to hold firm, as landlords prefer to negotiate on a net effective basis, the continued introduction of high quality and higher-priced space means that average rents increased in Q2 2021.
  • Industrial markets across the country continue to experience strong demand. As a result, net absorption remains incredibly strong, vacancy rates are falling to unimaginable levels, and strong upward pressure persists on rents, sales prices and land prices.

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National Market Snapshot Q2 2021

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For More Information, Please Contact:

Roelof van Dijk

Senior Director, National Research & Analytics | Canada

Toronto Downtown

As Senior Director, Research & Analytics | Canada, Roelof leads the strategy and operation of Colliers Canada Research, delivering market intelligence initiatives that give Colliers and its clients a competitive advantage. He focuses on developing a high-performance national research team that leverages Colliers’ best-in-class market intelligence to produce relevant insights on local and national market and industry trends that inform client decisions, address market needs and support Colliers’ growth strategies.

Roelof has 15 years of experience covering the Canadian commercial real estate market. Prior to his career in commercial real estate, he also worked as a project manager and urban planning consultant for residential developers across the Greater Toronto Area.

Roelof is regularly cited in national publications, such as The Globe & Mail, CBC News, Bloomberg, Reuters, Maclean’s Magazine and the National Post, as well as in local outlets across Canada.

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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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Max Shapinko

Research Operations Specialist | Canada

Toronto North

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