Toronto led the way during the third quarter, with more than 650,000 square feet of positive net absorption – the amount of spaced leased compared with inventory that became available
Canada is on pace for its first year of positive office leasing activity since before the pandemic after six of 10 major markets recorded net positive demand in the third quarter, according to a report Tuesday.
The report said suburban markets continued to show improvement for the fifth straight quarter, with the national suburban vacancy rate falling one-tenth of a percentage point to 17.3 per cent. CBRE national research managing director Marc Meehan said a gap is emerging between older office buildings, where demand is lagging, and “trophy assets,” which the firm describes as the top tier of space within Class A – typically the newest and most state-of-the art properties.
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