Introduction
• Canada’s six largest office markets—”VECTOM” (Vancouver, Edmonton, Calgary, Toronto, Ottawa, Montreal) all saw their share of sublet space decline since Q4 2023. With elevated vacancy in most markets, subletting is no longer as attractive given the ample supply of direct leases and other options.
• Downtown vacancy now exceeds Suburban in eleven out of twelve markets tracked by Colliers, a drastic change from historical norms where Downtown outperforms. Nationwide challenges including traffic, parking, major infrastructure endeavors, and public transportation are impacting Downtown leasing and return to office.
• The national industrial vacancy rate continues its steady climb, reaching 3.2% to end 2024. The main driver for this is the nearly 37 million square feet of new supply that arrived, which is higher than each of the previous four years. Individual markets such as Victoria, Regina, Waterloo, Toronto, and Halifax saw historic new inventory levels arrive in their respective markets. With pre-leasing activity not as strong as 18-30 months ago, this new inventory has not been absorbed into the market as quickly.
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