TORONTO — The national office vacancy rate in Canada climbed in the second quarter to its highest level since 1994, according to a report by commercial real estate firm CBRE.
CBRE said downtown vacancies in the second quarter inched higher in all major centres across the country except for Calgary and the Waterloo region in Ontario. Meanwhile, the downtown vacancy rate in Calgary was 31.5 per cent, down from 32.0 per cent in the first quarter. Waterloo Region's downtown rate was 21.5 per cent compared with 22.0 per cent in the first three months of the year.
"Calgary is also working its way through several office building conversion projects, which will reduce inventory," the firm said.
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