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FIGURES|CANADAOFFICE|Q42025CBRE
Officemarkethitsturningpoint,markedbytwo
consecutiveyearsofpositivenetabsorption
18.0%
VacancyRate
Note:Arrowsindicatechangefrompreviousquarter.
r1.3M
SFNetAbsorption
2.8M
SFUnderConstruction
$26.10
PSFAverageClassANetRent
ExecutiveSummary
-Annualnetabsorptionwaspositiveforasecondyearinarow.Totallingto2.2millionsq.ft.,sixmarketsendedtheyearinpositiveterritoryandwasledbyToronto,primarilydowntown.
-Theofficemarkethitaturningpointin2025endingtheyearwithtwoquartersofvacancyrateimprovement.DowntownvacancydeclinedacrossallsegmentsinQ4,althoughmost
sharplyamongClassAproductwhichcurrentlysitsatitslowestlevelinthelastthreeyears.
-Subleasespacehascontinuedtofall.Intotal,acumulative3.2millionsq.ft.cameoffthemarketin2025,morethaninanyyearsince2005.Thisdecreasehaspushedthetotalofsubletspaceto11.8millionsq.ft.,whichisonparwith2017levels.
-Thenationalofficeconstructionpipelinereachedafloorin2025,withrecordlowstartsandcompletions.Thepipelineofnewsupplyisexpectedtoremainconstrainedwithno
meaningfulnewsupplydeliveriesonthehorizonbeyond2026.
-Over1.0millionsq.ft.ofofficeproductwasremovedfrominventoryinQ4aslandlordscontinuetostrategicallyrepositionassets.Since2021,conversionsanddemolitionshavehelpedreduceinventoryby2.2%.
FIGURE1:NationalOfficeSupply&Demand
NetAbsorption&NewSupply(MSF)Vacancy(%)
4.0
2.0
0.0
-2.0
-4.0
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
20212022202320242025
NetAbsorptionNewSupplyVacancy
20.0%
10.0%
0.0%
-10.0%
-20.0%
Source:CBREResearch,Q42025.
1CBRERESEARCH?2026CBRELimited
FIGURES|CANADAOFFICE|Q42025
2CBRERESEARCH?2026CBRELimited
Back-to-backyearsof
positivenetabsorption
-Annualnetabsorptiontotalled2.2millionsq.ft.acrossCanadain2025.Thisisthesecond
consecutiveyearofpositivenetabsorptionfortheofficemarket.
-Onthewhole,sixmarketsendedtheyearin
positiveterritory.ThiswasledbyTorontowith
2.7millionsq.ftofnetabsorption,primarily
downtown,whererecentdealactivityhasbeenpropelledbytransactionsover50,000sq.ft.
-Giventhedifferinglevelsofabsorptionactivityfromtheyear,officemarketrecoveryis
occurringatdifferentstagesacrossthe
country.Fivemarketsreportedunder100,000sq.ft.ofabsorption,eitherpositiveornegative,suggestingstabilizationisoccurringinmost
places.
-CalgaryandOttawareportedthegreatestmarketsofteningin2025.Despitethis
negativenetabsorption,Calgaryhasseentheirvacancyrateimproveover2024fromcontinuedoffice-to-residentialconversions.
FIGURE2:HistoricalNationalNetAbsorption(MSF)
4.0
2.0
0.0
-2.0
-4.0
-6.0
2017
201820192020QuarterlyNetAbsorption
202120222023AnnualQuarterlyAverage
2024
2025
2016
FIGURE3:AnnualNetAbsorptionbyMarket(000’sSF)
2,650
2,500
2,000
1,500
1,000
500
0
-500
-1,000
3,000
261
239
98
43
29
-27
-81
-498-514
TorontoMontrealHalifaxVancouverLondonWaterlooEdmontonWinnipegOttawaCalgaryRegion
Source:CBREResearch,Q42025.
FIGURES|CANADAOFFICE|Q42025
3CBRERESEARCH?2026CBRELimited
Emphasisonbest-in-class
productpushesClassAvacancytothree-yearlow
-Downtownvacancydeclinedacrossall
segmentsinQ4.Thisisonlythesecondtimesince2020whereallproductclasses
experiencednationaldeclinesinthesamequarter.
-ClassApropertieshavecontinuedto
outperformtheothersegments,recording
decliningvacancyinsevenof10marketsthisquarter.ThiswasledbyToronto(-160bps)
andMontreal(-90bps).NationaldowntownClassAvacancyiscurrentlyatitslowestlevelinthethreeyears.
-Trophyassets,thetop-tierwithinClassA,
havereporteddecliningvacancyforfour
consecutivequarters.ExcludingCalgary,allmarketswithproductinthistierarereportingvacancyratesbelow10.0%.
-Theprioritizationofbest-in-classproducthaslongbeenemphasised.However,with
continuedvacancydeclinesandan
increasinglycompetitiveenvironmentfor
premiumspace,demandisexpectedtosoonspillovertothenext-bestspaces.ThistrendisalreadybeingnotedinMontreal.
FIGURE4:NationalDowntownVacancybySegment
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
2016201720182019202020212022202320242025
AllBuildingsTrophyClassAClassB/C
Trophyseriesincludestop-tierpropertiesinVancouver,Calgary,TorontoandMontreal.ClassAisinclusiveoftrophysegment.
Source:CBREResearch,Q42025.
25.4%
19.0%
15.4%
10.4%
FIGURES|CANADAOFFICE|Q42025
4CBRERESEARCH?2026CBRELimited
Momentumbuilding
downtownledbygrowingRTOexpectations
-Theofficemarkethitaturningpointin2025endingtheyearwithtwoquartersofvacancyrateimprovement.Nationaldowntown
vacancydeclinedby50bpsforasecond
quarter;meanwhileamoregradualtighteninghasbeentakingplaceinthesuburban
market,down30bpsinQ4.
-Declinesdowntownhavebeenledby
Toronto(-120bps).Spurredintoactionfromrisingreturn-to-office(RTO)expectations,
demandisspreadingacrossindustrygroupsandbecomingmorebroad-based,supportingcontinuedpositivemomentum.Montrealalsonoteda-100bpstighteningdowntownthis
quarter.
-Continuingthetrendinrecentquarters,sixcitiesreporteddeclinesinsuburbanvacancy,includingMontreal(-80bps),London(-70
bps)andWaterlooRegion(-70bps).
FIGURE5:NationalDowntownvsSuburbanVacancyRate
25.0%
20.0%
DowntownSuburban
19.0%
16.7%
15.0%
10.0%
5.0%
0.0%
2016201720182019202020212022202320242025
bps
0
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
FIGURE6a:DowntownVacancyRatebyMarket
+9
ps
bps
bps
20b
110
100
-1
+
-
8%
5%
9%
9%
8%
6%
.9%
.4%
1%
5%
12.
14.
15.
15.
17.
18.
20
30
31.
31.
Q/QChange+-<>
ps
bps
8.
FIGURE6b:SuburbanVacancyRatebyMarket
35.0%
bps
ps
ps
0b
-80
0b
60b
70
+7
-7
-
-
1%
.3%
.8%
0%
1%
2%
9%
7%
.2%
.7%
10
10
11.
11.
12.
15.
18.
19
20
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Source:CBREResearch,Q42025.
FIGURES|CANADAOFFICE|Q42025
5CBRERESEARCH?2026CBRELimited
LedbyTorontoand
Montreal,subletsdecrease
to2017levels
-Decliningnowfora10thconsecutivequarter,nationalsubleasespaceloweredbya
remarkable1.0millionsq.ft.inQ4.Intotal,acumulative3.2millionsq.ft.ofsubletscameoffthemarketin2025,morethaninanyyearsince2005.
-11.4millionsq.ft.ofsubletspaceremainsonthemarket,whichisonparwith2017levels.
-TorontoandMontrealledthedecreasethisquarterwhilethemajorityofremaining
marketseffectivelyheldstableonasquarefootagebasis.Onayear-over-yearbasis
WaterlooRegionalsojoinstheirranksonapercentagebasis.
-Calgarywastheonlycitytoseesublease
spaceincrease,relatedtoM&Aactivityintheenergysector.Thisisthethirdquarterinarowwherethemarkethasseensubletsrise.
-Atthisstageinthemarketcycle,weare
seeingahigherfrequencyofspacebeing
reclaimedbythesublessoraswellaslistingsconvertingtodirectspacefollowingin-placeleaseexpiries.
FIGURE7:NationalVacantSubletSpace–DowntownvsSuburban(MSF)
DowntownSuburban
20.0
15.0
10.0
5.0
0.0
2016201720182019202020212022202320242025
Halifax
Ottawa
Winnipeg
Edmonton
WaterlooRegionMontreal
VancouverTorontoLondon
Calgary
FIGURE8:Year-over-YearChangeinSubletSpaceasa%ofInventorybyMarket
-70bps
-120bpsmi
+70bps
-140bpsmi
0.0%1.0%2.0%3.0%4.0%5.0%
--Q42024Q42025
Source:CBREResearch,Q42025.
FIGURES|CANADAOFFICE|Q42025
6CBRERESEARCH?2026CBRELimited
Officepipelinehoveringat
marketlow
-Thenationalofficeconstructionpipeline
reachedafloorin2025,hoveringaroundthe
3.0millionsq.ft.markbeforeendingtheyearat2.8millionsq.ft.
-Overall,thetotalnationalpipelineisatpresent69.4%pre-leasedwithallbutonemarket
reportingpre-leasinglevelsexceeding20%.
-CIBCSquareIIremainsastheonlysignificantprojectindevelopment.Finishingtouchesarebeingdoneatthisfullypre-leasedpropertyandisnowduefordeliveryinearly2026.
-OutsideofToronto,nomeaningfulproductisbeingbuiltdowntown.Thefocusinsteadisonthesuburbsandatveryconservativelevelswithnomorethanthreeprojectsunderwayineachcity.
FIGURE9:NationalOfficeInventoryUnderConstruction(MSF)
25.0
20.0
15.0
10.0
5.0
0.0
2004200520062007200820092010201120122013201420152016201720182019202020212022202320242025
FIGURE10:UnderConstructionbyMarket
UnderConstruction(MSF)%ofInventory
2.5
2.0
1.5
1.0
0.5
0.0
HalifaxOttawa
Pre-Leased
WinnipegCalgary
Available
London
Montreal
Toronto
Vancouver
WaterlooEdmontonRegion
%ofInventory
2.0%
1.6%
1.2%
0.8%
0.4%
0.0%
Source:CBREResearch,Q42025.
FIGURES|CANADAOFFICE|Q42025
7CBRERESEARCH?2026CBRELimited
Startsanddeliveriesreach
newlowsin2025
-Twoprojectscommencedconstructioninthelastsixmonthsof2025totalling83,000sq.ft.inHalifaxandWinnipeg.Thisisanewannuallowforthecountrywithonlysmall-scale
suburbanprojectskickingoffinrecentyears.
-Intotal,671,000sq.ft.ofnewsupplywas
completedover2025andisalsooneofthe
lowestannualtotalsinover25years.Justoverhalfofthisinventorywasdeliveredin
Vancouver.
-Despitefewerdeliveries,muchofthenew
supplycompletedthisyearremainsvacant
andhasoneofthelowestlevelsofpre-leasingupondeliveryinagivenyear.
-Duetolimitedstarts,thepipelineofnew
supplyisexpectedtoremainconstrained.Withnomeaningfulnewsupplydeliveriesonthe
horizonbeyond2026,demandisexpectedtotrickledowntothenext-bestproducttiers.
FIGURE11:NationalOfficeConstructionStarts(MSF)
3.0
2.0
1.0
0.0
2019
2020
20212022ConstructionStart
2025
20232024AnnualQuarterlyAverage
FIGURE12:NationalOfficeNewSupplyDeliveries
NewSupply(MSF)Pre-LeasedonDelivery(%)
4.0
3.0
2.0
1.0
0.0
2019202020212022202320242025NewSupplyPre-Leased
100.0%
75.0%
50.0%
25.0%
0.0%
Source:CBREResearch,Q42025.
FIGURES|CANADAOFFICE|Q42025
8CBRERESEARCH?2026CBRELimited
Conversionactivityremains
strongtocloseout2025
-Q42025saweightnewconversionprojectsremoveover1.0millionsq.ft.ofofficeproductfrominventoryaslandlordscontinueto
strategicallyrepositiondatedassets.
-Buildingofflastquarter’smomentum,H22025
concludedwithover2.0millionsq.ft.oftotal
spaceremovedforconversion,thelargestsumofanyhalfyearonrecord.
-Accountingfortwoofthesevennewconversionprojectsthisquarter,CalgarycontinuestoleadthemajorCanadianmarketsintotalspace
convertedandaccountsforalmosthalfofallofficeproductremovedfrominventory.
-Office-to-residentialprojectsremainthemostcommon,withallsevenconversionsthisquarterdestinedforresidentialuse.
-Since2021,conversionprojectshaveremovedacumulative7.8millionsq.ft.offormeroffice
space.Anadditional2.6millionsq.ft.hasbeendemolishedoverthesameperiod.Together,theyhavehelpedreduceinventoryby2.2%.
FIGURE13:OfficeConversionsandDemolitionsbyQuarterRemoved
SumofOfficeSpace(MSF)#ofProjects
1.5
1.2
0.9
0.6
0.3
0.0
15
12
9
6
3
0
20212022202320242025
uDemolitionsuConversions#ofProjects
FIGURE15:ShareofOfficeConversionsbyMarket
(2021–2025)
15.8%
7.1%
10.3%
10.5%
15.0%
41.3%
Figures15&16excludedemolitions.Source:CBREResearch,Q42025.
Calgary
Ottawa
Edmonton
Montreal
WaterlooRegion
AllOther
FIGURE14:CumulativeSumofConvertedorDemolishedOfficeProduct(MSF)
12.0
10.0
8.0
6.0
4.0
2.0
0.0
20212022202320242025
DemolitionsConversions
FIGURE16:ShareofOfficeConversionsbyNewPropertyType
Residential
LifeSciences
Education
Hotel
Mixed-Use
AllOther
(2021–2025)
3.7%
4.0%
6.5%
7.0%
76.4%
2.4%
FIGURES|CANADAOFFICE|Q42025
9CBRERESEARCH?2026CBRELimited
FIGURE17:CanadianOfficeMarketsAtAGlance
MARKET
NetRentableArea
OverallVacancyRate
AverageClassANetRent(PSF)
Source:CBREResearch,Q42025.
VANCOUVER
53.8MSF
11.6%
$38.35
EDMONTON
25.5MSF
19.0%
$18.89
CALGARY
67.1MSF
25.9%
$22.87
WINNIPEG
15.2MSF
16.5%
$19.54
LONDON
6.1MSF
26.2%
$14.81
TORONTO(GTA)
172.2MSF
18.0%$28.73
OTTAWA
40.2MSF
13.2%
$19.20
MONTREAL
81.0MSF18.3%
$22.69
WATERLOOREGION
16.3MSF
17.7%
$18.88
HALIFAX
12.9MSF
10.7%
$18.42
FIGURES|CANADAOFFICE|Q42025
10CBRERESEARCH?2026CBRELimited
FIGURE18:CanadianOfficeMarketsStatistics,Q42025
NATIONAL
DOWNTOWNVANCOUVERCALGARYEDMONTONWINNIPEGLONDONWATERLOOTORONTOOTTAWAMONTREALHALIFAX
47,273,691
17.8%
7,610,641
783,955
9.3%
14.2%
$25.52385,794
5,181,618
14.5%
746,857
5,191
0.7%
12.8%
$19.3219,180
10,902,178
18.6%
1,853,485
179,257
8.8%
13.4%
$19.54-71,249
41,407,588
30.4%
10,380,491
2,189,913
17.4%
25.6%
$24.00
-260,247
95,215,893
15.9%
12,615,637
2,488,674
16.5%
12.1%
$35.02
1,010,944
4,529,480
31.5%
1,270,959
155,797
10.9%
19.8%
$14.81-42,025
15,763,512
20.9%
3,029,692
261,619
7.9%
21.9%
$18.9331,572
4,717,364
31.1%
1,383,065
83,438
5.7%
22.1%
$25.8812,199
18,034,820
15.9%
2,584,566
285,134
9.9%
13.5%
$23.58
-202,315
27,849,847
12.8%
2,960,238
593,884
16.7%
9.3%
$43.99
-38,147
270,875,991
19.0%
44,435,631
7,026,862
13.7%
15.4%
$29.85
845,706
1,390,191
0
203,000
1,879,663
NetRentableArea
OverallVacancyRateDirectSpace
SubletSpace
Sublet%ofVacantSpace
ClassAVacancyRate
219,503,188
16.7%
32,230,977
4,346,105
11.9%
17.9%
$20.55
476,657
808,912
182,940
467,534
954,605
490,379,179
18.0%
76,666,608
11,372,967
12.9%
16.4%
$26.10
1,322,3632,199,103182,940
670,534
2,834,268
AverageClassANetRent(PSF)QuarterNetAbsorption
Year-to-DateNetAbsorption
-343,180
-915,658
-39,589
-79,212
56,739
-82,642
2,651,418
-167,519
227,881
81,953
QuarterNewSupply
0
0
0
0
0
0
0
0
0
0
Year-to-DateNewSupply
0
0
0
0
0
0
53,000
0
150,000
0
UnderConstruction
29,386
0
0
0
0
0
1,850,277
0
0
0
SUBURBAN
NetRentableArea
25,972,551
25,695,481
9,757,735
4,293,505
1,559,529
11,603,178
77,011,779
22,188,672
33,684,170
7,736,588
OverallVacancyRate
10.3%
18.7%
15.9%
11.1%
10.8%
12.2%
20.7%
11.0%
19.2%
8.1%
DirectSpace
1,951,706
4,224,791
1,467,256
449,563
162,724
1,211,926
14,232,470
2,205,050
5,730,416
595,075
SubletSpace
716,958
573,666
83,444
29,043
5,274
208,066
1,740,625
236,664
723,351
29,014
Sublet%ofVacantSpace
26.9%
12.0%
5.4%
6.1%
3.1%
14.7%
10.9%
9.7%
11.2%
4.6%
ClassAVacancyRate
12.1%
17.5%
14.2%
N/A
N/A
17.2%
23.4%
11.3%
16.7%
9.5%
AverageClassANetRent(PSF)
$33.20
$20.00
$18.75
N/A
N/A
$16.54
$19.44
$15.46
$18.12
$17.19
QuarterNetAbsorption
169,719
17,983
-64,000
20,965
11,993
82,032
188,344
-37,912
90,334
-2,801
Year-to-DateNetAbsorption
440,956
401,259
12,729
-2,234
-13,871
111,357
-1,471
-330,081
32,772
157,496
QuarterNewSupply
182,940
0
0
0
0
0
0
0
0
0
Year-to-DateNewSupply
348,590
0
0
0
0
0
118,944
0
0
0
UnderConstruction
565,255
20,688
0
33,000
0
17,000
202,662
36,000
0
80,000
TOTAL
NetRentableArea
53,822,398
67,103,069
25,521,247
15,195,683
6,089,009
16,320,542
172,227,672
40,223,492
80,957,861
12,918,206
OverallVacancyRate
11.6%
25.9%
19.0%
16.5%
26.2%
17.7%
18.0%
13.2%
18.3%
10.7%
DirectSpace
4,911,944
14,605,282
4,496,948
2,303,048
1,433,683
2,594,991
26,848,107
4,789,616
13,341,057
1,341,932
SubletSpace
1,310,842
2,763,579
345,063
208,300
161,071
291,504
4,229,299
521,798
1,507,306
34,205
Sublet%ofVacantSpace
21.1%
15.9%
7.1%
8.3%
10.1%
10.1%
13.6%
9.8%
10.2%
2.5%
ClassAVacancyRate
10.7%
22.9%
19.8%
13.4%
19.8%
18.4%
16.7%
12.2%
15.1%
11.2%
AverageClassANetRent(PSF)
$38.35
$22.87
$18.89
$19.54
$14.81
$18.88
$28.73
$19.20
$22.69
$18.42
QuarterNetAbsorption
131,572
-242,264
-32,428
-50,284
-30,032
94,231
1,199,288
-240,227
476,128
16,379
Year-to-DateNetAbsorption
97,776
-514,399
-26,860
-81,446
42,868
28,715
2,649,947
-497,600
260,653
239,449
QuarterNewSupply
182,940
0
0
0
0
0
0
0
0
0
Year-to-DateNewSupply
348,590
0
0
0
0
0
171,944
0
150,000
0
UnderConstruction
594,641
20,688
0
33,000
0
17,000
2,052,939
36,000
0
80,000
Source:CBREResearch,Q42025.
FIGURES|CANADAOFFICE|Q42025
11CBRERESEARCH?2026CBRELimited
TheCanadianofficemarketreachedaturningpointin2025andcappedofftheyearwithtwoquartersofimprovingfundamentals.Torontoisleadingthisrebound,withmoreexpectedto
followin2026.ClassAvacancyhasreachedathree-yearlow,withdemandexpectedtospillovertothenextbestspacesthankstoalimiteddevelopmentpipeline.
MARKETSTATS
DOWNTOWN
SUBURBAN
TOTAL
Q/Q
NetRentableArea
270,875,991
219,503,188
490,379,179
▽
Overall
VacancyRate
19.0%
16.7%
18.0%
▽
DirectSpace
44,435,631
32,230,977
76,666,608
▽
SubletSpace
7,026,862
4,346,105
11,372,967
▽
Sublet%ofVacant
13.7%
11.9%
12.9%
▽
ClassA
VacancyRate
15.4%
17.9%
16.4%
▽
Avg.ClassA
NetRent(PSF)
$29.85
$20.55
$26.10
▽
QuarterNet
Absorption
845,706
476,657
1,322,363
▲
Quarter
NewSupply
0
182,940
182,940
▲
UnderConstruction
1,879,663
954,605
2,834,268
▽
Canada
METROSUPPLY&DEMAND
NetAbsorption&NewSupply(000’sSF)Vacancy(%)
4,000
3,000
2,000
1,000
0
-1,000
-2,000
-3,000
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2023
2024
2025
NetAbsorptionNewSupplyVacancy
20%
15%
10%
5%
0%
-5%
-10%
-15%
DOWNTOWNVSSUBURBANVACANCY
25%
19.0%
16.7%
20%
15%
10%
0%
-3%
5%
Q1Q2Q3Q4
Q1Q2Q3Q4
Q1Q2Q3Q4
2023
2024
2025
DowntownSuburban
UNDERCONSTRUCTION
Downtown
1.9MSF
0.7%ofInventory
Suburban
1.0MSF
0.4%ofInventory
56.2%
Pre-leased
76.1%
Pre-leased
METROCLASSARENT,Y-o-YGROWTH
6%
3%
0%
Q1Q2Q3Q4
Q1Q2Q3Q4
Q1Q2Q3Q4
2023
2024
2025
12CBRERESEARCH?2026CBRELimited
LargeblockClassAAAlistingscontinueto
reshapesupplyavailabilityinthedowntown
officemarket.Spurredbyrecenttenant
consolidationanddownsizing,vacancyinthistrophysegmenthasincreased150bpsfromthestartoftheyear,however,itremainsasthe
productclasswiththelowestvacancy.
MARKETSTATS
DOWNTOWN
SUBURBAN
TOTAL
Q/Q
NetRentableArea
27,849,847
25,972,551
53,822,398
▲
Overall
VacancyRate
12.8%
10.3%
11.6%
▲
DirectSpace
2,960,238
1,951,706
4,911,944
▲
SubletSpace
593,884
716,958
1,310,842
▲
Sublet%ofVacant
16.7%
26.9%
21.1%
<r
ClassA
VacancyRate
9.3%
12.1%
10.7%
▲
Avg.ClassA
NetRent(PSF)
$43.99
$33.20
$38.35
▲
QuarterNet
Absorption
-38,147
169,719
131,572
▲
Quarter
NewSupply
0
182,940
182,940
▲
UnderConstruction
29,386
565,255
594,641
▽
Vancouver
METROSUPPLY&DEMAND
NetAbsorption&NewSupply(000’sSF)Vacancy(%)
1,250
1,000
750
500
250
0
-250
-500
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4
2023
2024
2025
NetAbsorptionNewSupplyVacancy
15%
12%
9%
6%
3%
0%
-3%
-6%
DOWNTOWNVSSUBURBANVACANCY
15%
12.8%
12%
10.3%
9%
6%
0%
-9%
3%
Q1Q2Q3Q4
Q1Q2Q3Q4
Q1Q2Q3Q4
2023
2024
2025
DowntownSuburban
UNDERCONSTRUCTION
Suburban
0.6MSF
2.2%ofInventory
Downtown
29,000SF
0.1%ofInventory
57.9%
Pre-leased
0.0%
Pre-leased
METROCLASSARENT,Y-o-YGROWTH
6%
3%
0%
-3%
-6%
Q1Q2Q3Q4
Q1Q2Q3Q4
Q1Q2Q3Q4
2023
2024
2025
13CBRERESEARCH?2026CBRELimited
TheDowntownofficemarketcontinuestobe
impactedbythefollow-oneffectsofM&A
transactionsintheenergyindustryas
consolidationandlayoffshaveledtothelowestrecordedannualnetabsorptionlevelssince2021.M&Aactivityisexpectedtoremainanissue
continuinginto2026.
MARKETSTATS
DOWNTO
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