Office demand surges, but Canada's older buildings miss the rebound — slide 1 of 6

Office demand surges, but Canada's older buildings miss the rebound — slide 2 of 6

Office demand surges, but Canada's older buildings miss the rebound — slide 3 of 6

Office demand surges, but Canada's older buildings miss the rebound — slide 4 of 6

Office demand surges, but Canada's older buildings miss the rebound — slide 5 of 6

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Office demand surges, but Canada's older buildings miss the rebound

October 06, 2026

Canada's office market shows a split recovery, with strong demand for top-tier buildings and weak performance in older stock. National vacancy dropped to 16.7%, with Class AAA vacancy at 6.3% and Class B/C at 23.8%. Sublease space fell significantly, and new construction is limited, with major completions unlikely before 2032. Premium assets gain financing power, while older buildings face pressure to convert or redevelop.

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