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Office market sees one year of recovery following pandemic-induced disruption: CBRE
Vacancy fell to 17.1% and net absorption reached 1.2 million square feet as demand improved and new construction stayed scarce, CBRE said.
- On Monday, CBRE reported Canada's office market completed one full year of recovery from COVID-19 disruption, with national vacancy falling to 17.1% in the second quarter.
- Marc Meehan, CBRE Canada research managing director, says the recovery began in "trophy buildings," where vacancy stands at 9.4%, only one percentage point higher than pre-pandemic levels.
- Net absorption reached 1.2 million square feet across seven of 11 Canadian markets, led by Toronto, Calgary, and Montreal, each absorbing more than 300,000 square feet in the quarter.
- Governments and major employers are increasingly mandating office returns, with some large Canadian companies including big banks announcing four-day in-office work weeks last summer.
- New office construction starts remain historically low with no significant deliveries beyond 2027, yet Meehan said the recovery is expected to continue until about 2030 as demand outpaces supply.
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13 Articles
13 Articles
The Canadian office market has officially experienced a full year of recovery since the VOCID-19 pandemic disrupted the sector, according to a new CBR report.
·Montreal, Canada
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The Toronto Star+10 Reposted by 10 other sources
Office market sees first full-year of recovery since pandemic disruption: CBRE
TORONTO - A new report from CBRE says Canada's office market has officially experienced one full year of recovery, a significant milestone after the COVID-19 pandemic disrupted the sector.
·Toronto, Canada
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Total News Sources13
Leaning Left5Leaning Right0Center6Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 45%
C 55%
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