The national office vacancy rate in Canada climbed in the second quarter to its highest level since 1994, according to a report by commercial real estate firm CBRE.
The firm said Tuesday that the national office vacancy rate rose to 18.1 percent in the second quarter, up from 17.8 percent in the first quarter.
It was the highest level since the first quarter of 1994 when it was 18.6 percent.
“Canadian office markets are grappling with a perfect storm of a recession threat, interest rate hikes, tech sector weakness, tenants rightsizing and new supply of office space,” CBRE said in a news release.
“All of this is compounded by the continued uncertainty around remote work.”…