Canadian Office Market Q1 Net Rent Decline
1 min read.
During the first quarter of 2023, the Canadian Office Market saw a decline in the asking net rent
The average asking net rent across Canada is currently sitting around $20.37 per square foot, $22.79 in downtown markets and $17. 37 in the suburbs.
In the fourth quarter of 2022, the average asking net rent price was around $22.34 per square foot for downtown office markets and $17.52 in suburban spaces.
This decline in net rent price could be a result of the national office vacancy rate of 13.3%, 14.7% in downtown and 12% in the suburbs.
In Ontario alone, the Toronto vacancy rate rose to 10.4%, and the average net asking rent is $34.98 per square foot in downtown and midtown and $17.80 in suburban office spaces. Ottawa saw a vacancy rate increase of 12.3% and an average asking net rent of $17.24 per square foot.
References
McLean, S. (2023, March 30). Office market sees first quarterly net rent decline in years. RENX. Retrieved April 21, 2023, from https://renx.ca/colliers-offers-office-and-industrial-market-snapshots
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