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Report: The vacancy rate of employment offices in Canada has risen to its highest level since 1994

Report: The vacancy rate of employment offices in Canada has risen to its highest level since 1994

By Omayma othmani

Published: July 5, 2023

A report issued by the real estate company "CBRE" indicates that the office vacancy rate in Canada rose in the second quarter of 2023 to its highest level since 1994.

The company states in its report that the office vacancy rate increased from 17.8% in the first quarter of this year to 18.1% in the second quarter.

This is the highest office vacancy rate in Canada since the first quarter of 1994, when it reached 18.6%, according to the report of this company headquartered in Dallas, USA.

This increase comes amid a rise in office vacancy rates in Canadian downtowns from 18.5% in the first quarter to 18.9% in the second quarter, and an increase in the suburbs from 16.9% to 17.1%.

The CBRE report also says that vacancy rates in downtowns rose slightly in the second quarter in all major Canadian cities except for Calgary, the largest city in the province of Alberta, and the Waterloo region in Ontario.

Analysts attribute the decrease in Calgary's office vacancy rate to "growth in various work sectors, including engineering, construction, and education."

CBRE also points out in its report that the office markets in Canada face risks of economic recession, successive increases in interest rates, weakness in the technology sector, tenants reducing the spaces allocated for their operations, and a new supply of office spaces.

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