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National Market Snapshot Q1 2023

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National Market Snapshot 2021Q1 Hero

Office asking rents held up remarkably well during the pandemic, continuing to rise in most markets. However, Q1 saw the first national decline in years, albeit a slight decrease of less than 1% from last quarter, and rents were still up year-over-year. Rents declined quarter-over-quarter in Montreal, Edmonton, Waterloo and Toronto. 

  • 2023 could mark a shift in how excess office towers are to be treated. Several markets have either announced or have already begun converting certain office towers into residential spaces. This may have a ripple effect on the office construction pipeline if projects are put on pause or even cancelled outright.
  • The national industrial vacancy rate experienced a slight increase in Q1 2023 but remained very strong nationwide. Each of Colliers’ tracked markets that were below a 1.0% vacancy rate in Q4 2022 saw increased vacancy in Q1 2023. Industrial vacancy is still tight despite record high construction and warehouses remain a "landlord's market".
  • National average industrial asking net rents continue their steady climb, currently sitting at $13.81 per square foot, which represents a remarkable 32% annual increase. Affordable prices relative to Toronto and Vancouver can be found in the prairie markets, none of which are currently above $12 per square foot, but these areas are also experiencing rapid rent growth.

National Market Snapshot 2021Q1 Search

National Market Snapshot Q1 2023

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Pour plus d’informations, veuillez contacter:

Adam Jacobs

Head of 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

Directeur national Opérations, Recherche | Canada

Toronto Downtown

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Susan Thompson

Associate Director, Research

Vancouver - Rogers Tower

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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