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National Market Snapshot Q2 2022

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National Market Snapshot 2021Q1 Hero

Return to office reached its highest levels of the past two years, but office attendance is still below pre-COVID norms, especially in central business districts. The job market remained hot, with rising job vacancies, low unemployment and increasing wages. 

  • Office under construction has declined from its peak but remains at a robust ~15 million square feet. New builds are highly concentrated, with downtown Toronto and Vancouver combining for most of the square footage under construction. Subletting has declined from its heights in 2020/21 and now accounts for only about 17% of the overall office market, a number in line with historical averages.
  • Flight to quality is a trend as the appetite for AAA offices remains strong. New developments have seen strong pre-leasing, and occupiers have preferred transit-accessible and amenity-rich office space to entice employees back to the office.
  • Industrial continued its bull run driven by fulfillment centres, with rents rising and vacancy dropping nationally below 1%. Major markets saw an even lower vacancy, and BC markets reached a remarkable 0.1%. Rents are up 30% year-over-year in some markets, with Montreal topping 60% annual increases. Canadian markets are among the tightest in North America, with no end in sight to the space crunch despite a record-setting 36 million square feet under construction.
 

National Market Snapshot 2021Q1 Search

National Market Snapshot Q2 2022

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For More Information, Please Contact:

Adam Jacobs

Senior National Director, Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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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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