CBRE report says office vacancy rate in Q2 rose to highest level since 1994

A report by commercial real estate firm CBRE says the national office vacancy rate in Canada climbed in the second quarter to its highest level since 1994.

The firm says the national office vacancy rate rose to 18.1 per cent in the second quarter, up from 17.7 per cent in the first quarter.

It was the highest level since the first quarter of 1994 when it was 18.6 per cent.

The increase came as the downtown office vacancy rate in the second quarter rose to 18.9 per cent compared with 18.4 per cent in the first quarter. The suburban office vacancy rate was 17.1 per cent, up from 16.8 per cent.