CBRE report says office vacancy rate in Q2 rose to highest level since 1994

TORONTO –

A report by business actual property agency CBRE says the nationwide workplace emptiness charge in Canada climbed within the second quarter to its highest degree since 1994.

The agency says the nationwide workplace emptiness charge rose to 18.1 per cent within the second quarter, up from 17.7 per cent within the first quarter.

It was the best degree because the first quarter of 1994 when it was 18.6 per cent.

The improve got here because the downtown workplace emptiness charge within the second quarter rose to 18.9 per cent in contrast with 18.4 per cent within the first quarter. The suburban workplace emptiness charge was 17.1 per cent, up from 16.8 per cent.

The agency says downtown vacancies within the second quarter inched larger in all main centres aside from Calgary and the Waterloo area.

CBRE says Canadian workplace markets are grappling with the specter of a recession, rate of interest hikes, tech sector weak point, tenants decreasing the scale of their areas and new provide of workplace house.

This report by The Canadian Press was first revealed July 4, 2023.