Canadian office vacancy rate hits highest level since 1994
CTV
Office vacancies in Canada were at the highest level in decades this quarter as new supply continued to come onto the market while the fourth wave of COVID-19 slowed an expected return to work.
The commercial real estate firm said Thursday that the national office vacancy rate hit 15.7 per cent in the quarter that runs to the end of September, up from 15.3 per last quarter, for the highest level since 1994.
"We were really hoping to see a greater sense of normalcy in September, and unfortunately that has simply been delayed or deferred," said Paul Morassutti, vice chair of CBRE in Canada.
He said though that the market is showing signs of resiliency despite the pressures, noting that prices have remained fairly stable thanks to institutional owners who are willing to wait out a temporary dip.
"I think everyone has to stop clutching at pearls, take a deep breath, and realize that the office market isn't going away."
