TORONTO — CBRE says Canadian commercial real estate is pointing to a post-pandemic economic upswing.
The commercial real estate company says the pace of office vacancy increases eased in every major Canadian city in the second quarter and industrial demand picked up.
Downtown office leasing increased in major cities by the smallest amount since the pandemic’s onset last year with office tenants preparing to welcome employees back in the second half of the year.
CBRE says Canada has North America’s four tightest downtown office markets with Vancouver’s vacancy at 6.6 per cent, Toronto at 10 per cent, Ottawa at 10.6 per cent and Montreal at 11.1 per cent.
Prime industrial real estate has dipped with Waterloo Region having the lowest industrial availability rate in North America at 0.9 per cent.
All markets outside the Prairies have availability rates of three per cent or less, with Toronto, Vancouver and Montreal at 1.2, 1.1 and 1.4 per cent, respectively
This report by The Canadian Press was first published June 28, 2021.
The Canadian Press