(Toronto) Canada’s office vacancy rate hit a record high in the first quarter of the year, according to real estate services firm CBRE.
The country’s overall office vacancy rate stood at 17.7%, with downtown offices at 18.4% and suburban offices at 16.8%.
Toronto’s downtown office vacancy rate hit 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 since 2004.
Ottawa and Montreal both recorded their all-time highest downtown vacancy rates, at 13.2% and 16.5%, respectively.
CBRE has attributed most of the vacancy rate increases to technology companies, which are adjusting the size of their businesses and redesigning their spaces.