Home Breadcrumb caret Investments Breadcrumb caret Products Canada’s national office vacancy rate hit all-time high in Q1: CBRE Downtown office vacancies sat at 18.4% By The Canadian Press | April 4, 2023 | Last updated on April 4, 2023 1 min read © Roxana Gonzalez Leyva / 123RF Stock Photo CBRE says Canada’s national office vacancy rate hit an all-time high in the first quarter of the year. The real estate firm says the country’s overall office vacancy rate amounted to 17.7%, while downtown office vacancies sat at 18.4% and the suburban rate landed at 16.8%. Toronto’s downtown office vacancy rate reached 15.3%, the highest level Canada’s largest office market has seen since 1995. Vancouver’s downtown office vacancy rate rose to 10.4%, the highest it’s been since 2004. Ottawa and Montreal both recorded their all-time highest downtown office vacancy rates at 13.2% and 16.5%, respectively. CBRE says tech companies downsizing their businesses and rethinking their spaces are to blame for many of the vacancy rate increases. The Canadian Press The Canadian Press is a national news agency headquartered in Toronto and founded in 1917. Save Stroke 1 Print Group 8 Share LI logo