Canada office occupancy rises in the second quarter: report
Toronto, Calgary and Montreal led the way, each absorbing more than 300,000 square feet.
“The office recovery began in earnest about 12 to 18 months ago and now there’s hard data to evidence that it’s solidly underway,” said Marc Meehan, research managing director at CBRE Canada, in comments to BNN Bloomberg.
CBRE reported that construction activity has thinned to 1.2m square feet, which the firm described as a two-decade low, with only one new project breaking ground in the quarter.
The report said no significant deliveries are expected beyond 2027, leaving tenant activity concentrated on existing space.
Meehan told BNN Bloomberg that the scarcity is set to push rents higher.