The pandemic started a trend of working from home that is causing a “once-in-a-generation evolution” in the office real estate sector, says commercial real estate firm CBRE.
The nation’s office vacancy rate hit an all-time high in the first quarter this year of 17.7 percent, with many major cities seeing higher rates than they have in decades, or ever.
Toronto’s hit 15.3 percent, the highest since 1995. Vancouver’s is at 10.4 percent, the highest since 2004. Ottawa and Montreal are at all-time highs of 13.2 percent and 16.5 percent respectively, according to CBRE’s report released April 4.
“Office space is being reimagined,” CBRE said in a release….