Canada’s downtown office vacancy rate rose to a record high of 19.4 percent in the final quarter of 2023, due in part to weak demand in the country’s largest city, according to a report from real estate and investment firm CBRE.
The lacklustre performance of the Toronto market brought the city’s vacancy rate to its own record high of 17.4 percent—up from 15.8 percent just a quarter earlier, the report found. Although the increase sits at less than 2 percent, it is up substantially from pre-COVID years when Toronto’s downtown vacancy rate hovered at approximately 2 percent.
