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National Market Snapshot Q3 2022

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National Market Snapshot 2021Q1 Hero

Office vacancy decreased in half of Colliers' tracked markets. This suggests optimism in the office sector, as summer can sometimes see subdued activity. While suburban office was once considered a secondary option, suburban vacancy rates are almost universally lower than downtown. Lower asking rents, free parking, and shorter commutes all contribute to the appeal of the suburbs.

  • Close to 70% of all new office construction is still downtown, even with slow return to office (RTO) in central business districts. Considerable variation exists, where Toronto has 94% of construction downtown, Vancouver has a more even split, and Calgary and smaller markets have suburban development dominating.
  • The industrial boom continues, with every market recording lower availability than Q3 of last year. Several markets have availability levels less than half of last year, and smaller markets such as Waterloo and Victoria are approaching zero. Vancouver became the first market in the history of our tracking to exceed $20 per square foot average asking net rents for industrial.
  • RTO momentum slowed with the end of school, summer vacation and a vigorous return to travel. Retirements and staffing shortages have given employees increased leverage, causing employers to scale back RTO plans.

National Market Snapshot 2021Q1 Search

National Market Snapshot Q3 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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