The Canadian office market has yet to make a full recovery as vacancy rates hover above pre-pandemic levels.
A new report released on Tuesday by commercial real estate services firm CBRE says the national office vacancy rate ticked lower by a marginal 10 basis points to 16.4 per cent in the third quarter sequentially, led by an improvement in the suburbs.
"We have begun to see a bunch of large occupiers of space that have come to the realization that between the client, and the economy, and the fact that there's a greater emphasis on work from home from some employers, they're sitting on a bunch of space that they're not using and they're finally making the decision to sublease it or to not renew on all of it," he said.
Other urban office vacancy rates include Winnipeg at 16.1 per cent, the Waterloo region in Ontario at 23.6 per cent, and Halifax at 18.8 per cent.
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