Vacancy rates in large office markets in Canada 2020-2023 with a forecast for 2024
Vacancy rates in downtown offices remained relatively high in Canada's biggest markets in 2023, despite leasing activity slowly recovering from the coronavirus (COVID-19) pandemic. The national vacancy rate stood at 18.3 percent, with Ottawa, Vancouver, and Halifax leading the ranking as the markets with the lowest share of vacant offices. As market fundaments strengthen, the vacancy rate is forecast to slightly rise in 2024.