Most of Canada only recently began to reopen as lockdowns began to ease in the second half of Q2 2021. This and the vaccine rollout have resulted in optimism and have begun to reduce some of the uncertainty surrounding the return to the office. Most tenants and employees are still unsure of how things will look six months from now, however, most are touting a hybrid strategy, splitting time between home and the office. As a result, an increasing number of sublet offerings are being removed as tenants decide to keep their space on the anticipating they will need it later this year.
Colliers Canada is pleased to present our 2021 Q2 National Market Snapshot, with national statistics and regional market insights including vacancy rates and average net asking rents for office and industrial fundamentals in 12 key markets across Canada.
Key findings from the report include:
- Although net asking office rents continue to hold firm, as landlords prefer to negotiate on a net effective basis, the continued introduction of high quality and higher-priced space means that average rents increase in Q2 2021.
- Industrial markets across the country continue to experience strong demand. As a result, net absorption remains incredibly strong, vacancy rates are falling to unimaginable levels, and strong upward pressure persists on rents, sales prices and land prices.