Vacancy rates of office space in Canada 2016-2022 and a forecast for 2023
The vacancy rate of downtown office units in Canada has risen since 2019, reflecting the drop in leasing activity due to the coronavirus (COVID-19) pandemic. In 2022, the share of vacant office real estate reached 17.1 percent, up from 10.9 percent in 2019. According to the forecast, this trend will continue in 2023. Among Canada's major office markets, Vancouver and Ottawa had some of the lowest vacancy rates.
