‘This will get worse before it gets better.’ Office vacancy rate in Toronto hits highest level in nearly three decades

A new study by commercial real estate firm CBRE found that the vacancy rate for downtown Toronto office space hit 15.8 per cent in the second quarter of 2023, the highest it’s been since 1996. That’s up from just two per cent in March 2020, when the pandemic was declared.

“When the vacancy rate was at two per cent, a lot of that demand was coming from tech companies,” Case said.

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CBRE report says office vacancy rate in Q2 rose to highest level since 1994TORONTO — 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. The firm said Tuesday that the national office vacancy rate rose to 18.
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