The commercial real estate landscape in Canada is shifting, and the GTA is at the heart of the trend. A new report from Colliers Canada reveals that national office vacancy rates have dropped for the fourth consecutive quarter, hitting 13.4 per cent. Simultaneously, industrial vacancies have tightened to 3.3 per cent, signaling a “steady and measured” recovery in the sector.
Contrary to fears that hybrid work and AI would render office space obsolete, demand is surging for high-quality, transit-connected hubs. Adam Jacobs, head of research at Colliers, notes that companies are doubling down on physical spaces to foster collaboration. However, the supply side tells a different story: new office construction has plummeted to a 15-year low, with only 37,500 square feet delivered nationally in Q2. For investors and developers, this supply-demand mismatch creates a compelling narrative for the coming quarters. Read the full report at BNN Bloomberg for deeper insights into these tightening markets.
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