In combination with the uncertainty surrounding remote work, CBRE attributes the rise in vacancy to “a perfect storm of a recession threat, interest rate hikes, tech sector weakness, tenants rightsizing, and a new supply of office space.”
published yesterday, CBRE Canada Chairman Paul Morassutti urges readers to “dig beyond the general vacancy numbers.”Tuesday’s report reveals that, of all office asset classes, downtown Class A remained the “tightest” in the quarter with a vacancy rate of 16.5%. Asking rents for Class A are up 4.6% since Q1 2020, averaging $29.44 per sq. ft.
Suburban Class A in particular saw the “strongest rental profile” of all asset classes, notes the report. Rents in the asset class are up now up 7.8% since Q1 2020.Downtown Class B has the highest vacancy of all asset classes, at 23.3%, marking a 250-basis-point increase compared to the second quarter of 2022. That annual jump is the highest of any other asset class. As well, downtown Class B is the only asset class where average asking rents are down since the start of the pandemic.
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