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National Market Snapshot Q3 2023

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After many quarters of defying expectations of a recession, Canada’s job market has weakened noticeably over the quarter. While unemployment at 5.5% remains well below the long-term average, job losses have been concentrated in areas tied to commercial real estate, with construction being the number one source of job losses followed by major office tenants within the government and technology sectors.

  • Office vacancy rose in most markets, as the overall vacancy rate now exceeds 14%. Office vacancy has been rising for 3.5 years and seems likely to continue rising in the short term.
  • Despite these obstacles, asking rents remain near record high levels in many markets. This reflects the removal of aging buildings for redevelopment, landlords’ desire to negotiate other concessions beyond lower rent, and the construction of new AAA-Class offices.
  • After a seemingly unstoppable years-long run of rising rents and declining vacancy, industrial availability has increased each quarter of 2023 so far. This is not to suggest the market is weak, as rents remain at record highs and absorption was still strongly positive in Q3, as leasing demand for scarce space remains strong in logistics and fulfillment.

 

 

2022 Outlook Report_1024x972

National Market Snapshot Q3 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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