Canada Office Figures Q1 2022
VANCOUVER:
Vancouver has seen improved fundamentals over the last two quarters and has developers pushing to keep up with demand as 3.7 million sq. ft. is currently under construction. Although 63.9% of this product has been pre-leased, numerous offers are in play for significant blocks of space which could drive this rate up.
CANADA:
Office vacancy continued to press upward after a brief reprieve at year-end, now 16.3%. A first for the Canadian office market, suburban vacancy now sits lower than downtown, albeit marginally. The outlook is optimistic with many businesses set to more formally return to in-person work soon.
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