The overall office vacancy rate remained at 18.5 per cent nationwide, compared to about 10 per cent before the pandemic. The Canadian office real estate market experienced a glimmer of good news with a second straight quarter of vacancy declines for top-tier buildings, even as overall vacancy rates remain stagnant and sharply higher than before the COVID-19 pandemic.
Overall vacancies were highest in Q2 in Calgary and London, Ont., and lowest in Vancouver and Ottawa . New office building projects started in Q2 total less than 100,000 square feet. For comparison, the report notes "the largest building currently under construction is the 1.4 million square foot CIBC Square Phase II in Toronto."
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