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Canadian commercial real estate pointing to post-pandemic economic upswing: CBRE

Office space available in downtown Calgary, Alta., seen in this April 13, 2016 file photo. THE CANADIAN PRESS/Jeff McIntosh Office space available in downtown Calgary, Alta., seen in this April 13, 2016 file photo. THE CANADIAN PRESS/Jeff McIntosh
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CBRE says Canadian commercial real estate is pointing to a post-pandemic economic upswing.

The the pace of office vacancy increases eased in every major Canadian city in the second quarter and industrial demand picked up.

Downtown office leasing increased in major cities by the smallest amount since the pandemic's onset last year with office tenants preparing to welcome employees back in the second half of the year.

CBRE says Canada has North America's four tightest downtown office markets with Vancouver's vacancy at 6.6 per cent, Toronto at 10 per cent, Ottawa at 10.6 per cent and Montreal at 11.1 per cent.

Prime industrial real estate has dipped with Waterloo Region having the lowest industrial availability rate in North America at 0.9 per cent.

All markets outside the Prairies have availability rates of three per cent or less, with Toronto, Vancouver and Montreal at 1.2, 1.1 and 1.4 per cent, respectively

This report by The Canadian Press was first published June 28, 2021.

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