Q1 was a tale of two halves for many across Canada. The Omicron variant took its strongest hold, causing certain regions to reinforce restrictions, early in Q1. As the quarter ends, and Canada enters year three of living through the COVID pandemic, there is a renewed sense of normalcy on the horizon as municipalities continue to lift previous mandates.
- While a broader scale return-to-office plan was put on hold by many companies in Q1, it is expected these companies will put that plan back into action later this year. There is optimism towards the office sector in 2022, as half of the tracked markets either saw a flattening of their vacancy rate or even a decrease quarter-over-quarter.
- A growing trend in some of the major industrial markets is seeing active listings not having a posted asking rent. With low availability across the board, landlords are in a position where they can simply field offers from prospective tenants and lease these coveted spaces to the highest bidder.
- Supply chain disruptions have continued into 2022. Many factors are perpetuating the issue, including higher shares of e-commerce sales, global container shortages, and a lack of robust transportation methods, among others. While the disruptions are expected to continue in 2022, there should be a gradual easing over time.