• The overall national office vacancy rate compressed 50 bps in the quarter to 12.5% with tightening seen in seven of the 10 markets.
  • Canadian market fundamentals remained robust as demand outpaced new supply, recording 2.1 million sq. ft. of positive net absorption and 716,650 sq. ft. of new supply.
  • Oil markets displayed progressive signs of recovery as both cities observed declining vacancy rates and positive quarterly net absorption.
  • Construction activity increased by 17.3% quarter-over-quarter to 13.1 million sq. ft. driven by approximately 1.0 million sq. ft. of new developments breaking ground in Vancouver.