Office vacancy rates continue to drop, but the recovery is uneven
The rate of empty office space in Canada is continuing to drop but the recovery is uneven, with newer, high-quality buildings in cities seeing the biggest improvements while older offices still have high vacancy levels.
Office leasing activity grew for the second year in a row in 2025, with annual net absorption, a measure of office leasing activity, totalling 2.2 million square feet of space countrywide, according to data from commercial real estate company CBRE analyzing the fourth quarter of 2025. Toronto accounted for a large part of the net absorption driven mostly by large downtown leases.
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