Commercial real estate in Canada points to economic recovery after pandemic: CBRE

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TORONTO – CBRE says Canada’s commercial property indicates economic recovery since the pandemic.

IN commercial real estate company says Office job growth declined in all major Canadian cities in the second quarter, while industrial demand rose.

Downtown office rentals have grown in major cities by the lowest amount since the pandemic began last year, with office tenants preparing to welcome employees in the second half of the year.

CBRE reports that Canada has four of the narrowest office markets in central North America, with vacancies in Vancouver at 6.6 percent, Toronto at 10 percent, in Ottawa at 10.6 percent and in Montreal at 11.1 percent.

Top-quality industrial properties fell, with the Waterloo region having the lowest industrial availability in North America at 0.9 percent.

All markets outside the Prairies have a 3 percent or less affordability, while Toronto, Vancouver and Montreal have 1.2, 1.1 and 1.4 percent, respectively.

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



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