The attached seven page report provides aggregate data for all markets in Canada over 1M in population, as well as city specific summaries for each metropolitan area.
- With absorption of 2,818,586 SF, Canada has seen strong occupancy growth in office premises in the six biggest markets this past quarter.
- Total vacancy across all markets has dropped to 9.3%, down 45 basis points with vacancy in the CBD markets dropping by 39 basis points to 8.9%.
- Overall absorption was evenly distributed between the CBD and non-CBD markets; however different cities have seen different results.
- The amount of premises under construction has risen by 32% to just over 14.6M square feet in the six markets. Of this, 10.6M square feet are located in the CBD areas of the cities.
- The office market overall is showing good strength emphasized by strong pre-leasing from bank and tech tenants for new premises in the Toronto and Vancouver markets.