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National Market Snapshot Q4 2022

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National Market Snapshot 2021Q1 Hero

Return to office momentum continued to be slow throughout the final quarter of 2022, with many companies implementing full-time hybrid work models. The federal government—one of the last remaining large occupiers working fully remote—announced a return-to-the-workplace model of at least three days per week on site starting in 2023.

  • Suburban office vacancy rates are considerably lower than Downtown office vacancy rates in many of Colliers’ tracked markets across Canada, including major markets such as Calgary and Vancouver. In general, office markets less dependent on large occupiers and with smaller cores have usually performed better in 2022 than markets with larger population centres and more public transit-dependent areas.
  • Industrial leasing remains strong across the country, with robust tenant demand, land constraints in most markets, and ever-increasing asking net rents; every single Colliers tracked industrial market has an asking net rent above $10 per square foot at year-end.
  • Recent data suggests e-commerce growth has levelled off, but fulfillment centres continue to drive leasing demand. Under construction inventory remain at incredibly high levels, but still represents a small segment of overall inventory.


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National Market Snapshot 2021Q1 Search

National Market Snapshot Q4 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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Susan Thompson

Associate Director, Research

Vancouver

Susan is a long-standing analyst and commentator on the commercial real estate market.  Her continuing work with local, national, and international media as a commentator for the commercial real estate sector has given her recognition within the industry as one of the preeminent sources of information and knowledge for leasing and transaction analysis and market trends.

Susan was previously with Avison Young working as their Research and Insight Manager over the course of nine years  (a boomerang employee: with them for four years, away for five years, then back for five years). She was responsible for dozens of reports on the Calgary commercial real estate market, covering office, retail and industrial leasing as well as business condominium properties and commercial property sales. More recently she focused on data-driven storytelling through reports, media work, and client engagement utilizing techology and analytics to help make better-informed decisions. 

In between periods with Avison Young, she spent over five years with Calgary Economic Development; first as their Business Development Manager specializing in Real Estate, helping companies bringing their business to Calgary navigate the local commercial real estate market, then as their overall Research Manager providing economic analysis and commentary on the Calgary market.

In prior years, after starting her career in assessment, Susan spent over seven years with RealNet Canada, the leading provider of third-party commercial real estate sales information. Working her way up from Research Analyst to Manager for the Calgary office, Susan analyzed thousands of commercial real estate transactions and is extremely knowledgeable about the commercial real estate market in Calgary. 

Susan has a Bachelor of Commerce degree, with a major in Management Science from the University of Alberta. Well recognized in the industry, Susan’s name is often seen in the media as she provides commentary and insight on current commercial real estate topics. Susan's breadth of knowledge across the commercial real estate market and in data analytics is an asset across the industry.

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Max Shapinko

Research Operations Specialist | Canada

Toronto North

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