Canada’s commercial real estate sector could be at a turning point after the national vacancy rates for both office and industrial properties simultaneously declined for the first time since 2020, a new analysis has found.
The report from Colliers International said the national office vacancy rate was 13.6 percent in the first quarter of 2026, down one percentage point year-over-year and marking one of the most significant improvements since the COVID-19 pandemic.
Canada’s industrial market, meanwhile, recorded its first national vacancy decline since 2022, down to 3.5 percent.
The report said these trends suggest the commercial real estate market as a whole is moving toward a more balanced environment….