SUBURBAN OFFICE VACANCY RATES LOWER THAN THOSE IN DOWNTOWNS: CBRE

Commercial real estate firm CBRE says for the second quarter in a row, the country’s suburban office vacancy level was lower than the rate seen for downtown regions.

The firm says the national suburban office vacancy rate was 16 per cent in its most recent quarter, while the national downtown office vacancy sat at 16.9 per cent.

During the second quarter, seven out of 10 Canadian markets recorded tightening suburban vacancy, most often in larger magnitudes than were seen downtown.

CBRE Canada’s vice-chairman Paul Morassutti says the figures are a sign that office markets are still in flux as companies increasingly navigate hybrid work arrangements. The firm’s data also showed the downtown office vacancy rate was as high as 33.7 per cent in Calgary and as a low as 10 per cent in Ottawa.

The suburban office vacancy rate crept as high as 24.6 per cent in Calgary and as low as 5.5 per cent in Vancouver.