房地产 -2026年第一季度加拿大办公室数据 Canada Office Figures Q1 2026

1CBRERESEARCH©2026CBRELimited

CBRE

FIGURES|CANADAOFFICE|Q12026

Officemarketstrengthensamiddowntownrecovery

andrecordofficebuildingconversions

2.1M

1.6M

17.4%

VacancyRate

$26.26

SFNetAbsorption

SFUnderConstruction

PSFAverageClassANetRent

Note:Arrowsindicatechangefrompreviousquarter.

FIGURE1:NationalOfficeSupply&Demand

4.0

2.0

0.0

-2.0

-4.0

Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

202120222023202420252026

NetAbsorptionNewSupplyVacancy

InclusiveofVictoriastartinginQ12023.

20.0%

10.0%

0.0%

-10.0%

-20.0%

etsoptoeppyccy

ExecutiveSummary

NAbrin&NwSul(MSF)Vaan(%)

_NetabsorptionwaspositiveforathirdconsecutivequarterandledbyTorontoonceagain.Overall,sixof11marketsreportedpositivenetabsorptionatthestartof2026.

_Vacancyhascontinuedtoimprove,particularlydowntownwhereoptimismhasbeen

building.DowntownvacancydeclinedonceagainacrossallsegmentsinQ1,althoughmostsharplyamongClassAproductwhichiscurrentlyatitslowestlevelsinceQ32022.

_Nationalsubleasespacehasdeclinedforan11thconsecutivequarter,reducingfromitspeakbyacumulative6.5millionsq.ft.Givencurrenttrajectory,subletspacecouldsoonfalltoalevelonparwithaveragesleadingintothepandemic.

_Newsupplythisquarterincludesthefullypre-leasedCIBCSquareII.Pairedalongsiderecordlowstarts,totalconstructionhasdroppedtoa22-yearlow.

_Over1.5millionsq.ft.ofofficeproductwasremovedfrominventoryforconversioninQ1,whichisarecordquarterlyhigh.Since2021,conversionsanddemolitionshavehelped

reduceinventoryby2.5%andcouldoutpacenewsupplyintheyearahead.

Source:CBREResearch,Q12026.

FIGURES|CANADAOFFICE|Q12026

2CBRERESEARCH©2026CBRELimited

Nationaltrenddictatedby

Torontomomentum

_2026startedoffonastrongnotewith2.1

millionsq.ft.ofpositivenetabsorption.

Returningtopre-pandemicnorms,thisisthethirdconsecutivequarterofpositiveofficefundamentalsandisthelargestquarterof

activityinCanadasinceQ22024.

_InQ12026,sixof11marketssawpositivenetabsorption;fourofthosemarketsrecordingover100,000sq.ft.

_Thisrecentmomentumhasbeenledby

Toronto,whichhasreportednetabsorption

FIGURE3:QuarterlNetAbsorptionMajorMarkets(000’sSF)

exceeding1.0millionsq.ft.ineachofthelastthreequarters.ItisclearthatTorontohasandwillcontinuetodictatenationaltrends.

_Performanceelsewherehasvariedbuthasremainedmuchmoremutedbycomparison,indicatingindicatingthatmarketsacrossthecountryareindifferentstagesofrecovery.

_Vancouverhasseennetabsorptionbuildoverthelasttwoquarters,meanwhileHalifaxhascontinueditsimpressive16-quarterstreakofpositivenetabsorption.

_Ottawainparticularistheonlymarkettobemovingintheoppositedirection,notinga

markedslowingoverthelastthreequarters.

FIGURE2:HistoricalNationalNetAbsorption(MSF)4.0

2.0

0.0

-2.0

-4.0

-6.0

20162017201820192020202120222023202420252026

QuarterlyNetAbsorptionAnnualQuarterlyAverage

y,

2,000

1,500

1,000

500

0

-500

TorontoVancouverCalgaryEdmontonMontrealOttawaAllOtherMarkets

Q22025Q32025Q42025Q12026

Source:CBREResearch,Q12026.

FIGURES|CANADAOFFICE|Q12026

3CBRERESEARCH©2026CBRELimited

Best-in-classdemand

propellingdowntownleasingconditions

_Officevacancydeclineddowntownacrossallsegmentsonceagainthisquarter,albeitonlymarginallywithintheClassB/Ccategory.

_ClassApropertieshaveseenamarked

improvementtovacancyoverthelastthreequartersandvacancyinthesegmentis

currentlyatitslowestlevelsinceQ32022.

Decreasingvacancywasreportedinsixof11marketsinQ12026andwasledbyEdmonton(-250bps)andToronto(-120bps).

_Trophyassets,thetop-tierwithinClassA,hasseenvacancyloweroverthelastfivequartersandiscurrentlyunder10.0%forthefirsttimesince2020.Increasinglyfewerlarge-block

vacanciesremainwithinthesein-demandassets.

_Theprioritizationofbest-in-classproducthaslongbeenemphasised.However,with

continuedvacancydeclinesandan

increasinglycompetitiveenvironmentfor

premiumspace,demandisexpectedtosoonspillovertothenext-bestspaces.

FIGURE4:NationalDowntownVacancybySegment

24.3%

18.2%

14.8%

9.6%

20162017201820192020202120222023202420252026

AllBuildingsTrophyClassAClassB/C

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

Trophyseriesincludestop-tierpropertiesinVancouver,Calgary,TorontoandMontreal.ClassAisinclusiveoftrophysegment.Source:CBREResearch,Q12026.

FIGURES|CANADAOFFICE|Q12026

4CBRERESEARCH©2026CBRELimited

Return-to-officepush

drivingrenewedoptimismdowntown

_Buildingonmomentumfromlastyear,

nationaldowntownvacancydeclinedby60bpsinQ1.ThesuburbanmarketmeanwhilesawvacancyholdfromQ42025.

_Continuedimprovementdowntownhasseenthedeltabetweendowntown/suburban

inventorynarrowto180bps,whichiscurrentlyatatwo-yearlow.

FIGURE5:NationalDowntownvsSuburbanVacancyRate25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

20162017201820192020

Downtown

2022202320242025

Suburban

18.2%

16.4%

2026

2021

FIGURE6b:SuburbanVacancyRatebyMarket

FIGURE6a:DowntownVacancyRatebyMarket

35.0%

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

_InitiallyledbyToronto,risingreturn-to-officeexpectationsarestartingtoresultinrenewedsenseofoptimismdowntownforyearahead.

-220bps

+200bps

-110bps

-100bps

12.3%

12.5%

14.3%

14.4%

16.3%

17.6%

17.8%

21.3%

29.9%

30.5%

31.5%

6.1%

6.6%-150bps

9.1%-120bps

9.9%

11.2%

12.1%

12.7%+150bps

15.6%

17.0%-170bps

19.8%

21.0%

_Decliningvacancydowntownwasseeninsevenof11markets.Halifax(-220bps),

Toronto(-110bps)andWinnipeg(-100bps)notedthelargestchanges,withHalifax

benefitingfromtwovacantpropertiesremovedforconversion.

_Ottawa,meanwhile,hasexperiencedanotedslowingastotalvacancyincreased100bps,primarilyduetolargeblocksoffederal

vacanciescomingtomarket.

35.0%

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

Q/QChange+-<>

Source:CBREResearch,Q12026.

FIGURES|CANADAOFFICE|Q12026

5CBRERESEARCH©2026CBRELimited

Subleasespaceclosinginon

pre-pandemicaverage

_Nationalsubleasespacehasdeclinedforan11thconsecutivequarter,down774,000sq.ft.

inQ12026,foracumulativetotalreductionof6.5millionsq.ft.fromitspeak.

_10.7millionsq.ft.ofsubletspaceremains

availableforleasenationally,whichisonparwithearly2018.Givencurrenttrajectory,

subletspacecouldfalllaterthisyeartoalevelthatisalignedwiththethree-yearaverage

leadingintothepandemic.

_Torontoledthedecreaseonceagainthis

quarteronasquarefootagebasis,followedbyVancouver.

_OutsideofCalgary,TorontoandMontreal,

subletspacehasbeenlargelystablewithallremainingmarketsreportingcurrenttotals

thatarewithin+/-75,000sq.ft.oftheir

respectivepriorfour-quarterrollingaverages.

_Calgaryistheonlynotableoutlier,havingnowseensubleasespaceriseforafullyear,relatedtoM&Aactivityandrightsizingeffortswithintheenergysector.

FIGURE7:NationalVacantSubletSpace–DowntownvsSuburban(MSF)

DowntownSuburban

20162017201820192020202120222023202420252026

20.0

15.0

10.0

5.0

0.0

Halifax

WinnipegVictoria

Montreal

Ottawa

Edmonton

WaterlooRegion TorontoVancouver LondonCalgary

-130bpso

-160bpsoo

bps

FIGURE8:Year-over-YearChangeinSubletSpaceasa%ofInventorybyMarket

+100

0.0%1.0%2.0%3.0%4.0%5.0%6.0%

Q12025Q12026

Source:CBREResearch,Q12026.

FIGURES|CANADAOFFICE|Q12026

6CBRERESEARCH©2026CBRELimited

NewsupplyboominQ1to

slowbeyond2026

_Nonewofficeprojectscommenced

constructionthisquarter,followingrecenttrendofincreasinglylimitedstarts.

_1.6millionsq.ft.ofnewsupplywasdeliveredtothemarketinQ12026,wellexceedingthetotalover2025.CIBCSquareIIinToronto

accountedforthebulkofthisinventory.Fullypre-leased,tenantswilltakeinitialoccupancyacrosslowandmid-risefloorsinthecomingweeks.

_Anadditional911,000sq.ft.ofofficeinventoryisanticipatedfordeliveryovertheremainderof2026foranannualtotalof2.5millionsq.ft.

_Duetolimitedstarts,thethinningpipelineofnewsupplyisexpectedtoremainconstrained.Withnomeaningfulnewsupplydeliveriesonthehorizonbeyond2026,demandissoon

expectedtotrickledowntothenext-bestproducttiers.

FIGURE9:NationalOfficeConstructionStarts(MSF)3.0

2.0

1.0

0.0

20192020202120222023202420252026

ConstructionStartAnnualQuarterlyAverage

FIGURE10:NationalOfficeNewSupplyDeliveries

NewSupply(MSF)Pre-LeasedonDelivery(%)

4.0

3.0

2.0

1.0

0.0

20192020202120222023202420252026

NewSupplyPre-Leased

100.0%

75.0%

50.0%

25.0%

0.0%

Source:CBREResearch,Q12026.

FIGURES|CANADAOFFICE|Q12026

7CBRERESEARCH©2026CBRELimited

Officeconstructionthinsto

new22-yearlow

_Thenationalofficeconstructionpipelinehasfallento1.6millionsq.ft.followingthe

completionofCIBCSquareIIandisequaltoonly0.3%ofexistinginventory.Thisisa

historiclowforCanadathathasbeenunmatchedfor22-years.

_Despitetheleanlevelofconstruction,thetotalnationalpipelineispresentlyonly29.6%pre-leased.Halifaxcurrentlyhasthehighestlevelofpre-leasing,amountingto62.5%,followedbyVictoriawith46.1%.

_OutsideofToronto,nomeaningfulproductisbeingbuiltdowntownandisthefirsttime

since2012inwhichthesupplypipelineis

primarilysuburban.Veryconservativelevelsofsuburbanproductareunderwaywithnomorethanfouractiveprojectsinasinglecity.

_Recordlowlevelsofconstructionwillsee

conversionsanddemolitionsoutpacenew

supplyonceagainthisyearandwereroughlyonparwithoneanotherinQ12026.

FIGURE11:NationalOfficeInventoryUnderConstruction(MSF)

25.0

6

20.0

15.0

10.0

5.0

0.0

2004200520062007200820092010201120122013201420152016201720182019202020212022202320242025202

FIGURE12:UnderConstructionbyMarket

UnderConstruction(000’sSF)%ofInventory

7002.1%

6001.8%

5001.5%

4001.2%

3000.9%

2000.6%

1000.3%

00.0%

TorontoVancouverVictoriaHalifaxOttawaWinnipegCalgaryEdmontonLondonWaterlooMontreal

RegionPre-LeasedAvailable%ofInventory

Source:CBREResearch,Q12026.

FIGURES|CANADAOFFICE|Q12026

8CBRERESEARCH©2026CBRELimited

FIGURE14:CumulativeSumofConvertedorDemolishedOfficeProduct(MSF)

14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0

202120222023202420252026

DemolitionsConversions

Conversionsreachrecord

high,withhotelrepurposingontherise

_Sevenofficeconversionprojectsmovedforwardatthestartof2026removingnearly1.5millionsq.ft.fromcompetitiveinventory.Thisisthehighestquarteronrecordforconversionactivitybasedonsquarefootage.

_ActivitywasquitewidespreadwithCalgaryandHalifaxeachseeingtwopropertiesremovedthisquarter,alongwithsingleprojectsinVancouver,LondonandToronto.

_Hotelsaregainingtractionandarenowthe

secondmostprevalentnewpropertytypefor

conversionprojects.PlannedhotelconversionsremovedfrominventoryinQ12026include1111WHastingsStreetinVancouverand1YongeStreet(formerTorontoStarbuilding)inTorontowhichwasinitiallyslatedfordemolition.

_Since2021,conversionshaveremoveda

cumulative9.3millionsq.ft.ofofficespacefrominventory.Anadditional2.7millionsq.ft.hasbeendemolishedoverthesameperiod.Together,theyhavereducednationalinventoryby2.5%,

removingpropertiesotherwisefacingpotentialobsolescence.

FIGURE13:OfficeConversionsandDemolitionsbyQuarterRemoved

SumofOfficeSpace(MSF)#ofProjects

1.818

1.515

1.212

0.99

0.66

0.33

0.00

202120222023202420252026

DemolitionsConversions#ofProjects

5.5%5.9%

11.3%

72.3%

Residential

Hotel

LifeSciences

Education

Mixed-Use

AllOther

FIGURE16:ShareofOfficeConversionsbyNewPropertyType

(2021–Q12026)3.1%

2.0%

Calgary

Ottawa

Toronto

Edmonton

Montreal

WaterlooRegionAllOther

13.4%

6.0%

8.6%

8.8%

11.8%

38.8%

12.6%

FIGURE15:ShareofOfficeConversionsbyMarket(2021–Q12026)

Figures15&16excludedemolitions.Source:CBREResearch,Q12026.

FIGURES|CANADAOFFICE|Q12026

9CBRERESEARCH©2026CBRELimited

FIGURE17:CanadianOfficeMarketsAtAGlance

MARKET

NetRentableArea

OverallVacancyRate

AverageClassANetRent(PSF)

Source:CBREResearch,Q12026.

TORONTO(GTA)

172.7MSF

17.4%

$29.09

OTTAWA

40.4MSF

14.3%

$19.22

MONTREAL

83.4MSF

18.7%$22.70

WATERLOOREGION

VANCOUVER

53.9MSF

10.8%

$37.23

EDMONTON

25.5MSF

19.1%

$18.94

WINNIPEG

15.3MSF

15.8%

$19.65

CALGARY

66.8MSF

24.9%

$22.94

VICTORIA

9.4MSF

9.7%

$26.11

HALIFAX

12.8MSF

9.0%

$19.65

LONDON

5.9MSF

25.8%

$14.48

16.3MSF

17.4%

$18.95

FIGURES|CANADAOFFICE|Q12026

10CBRERESEARCH©2026CBRELimited

FIGURE18:CanadianOfficeMarketsStatistics,Q12026

DOWNTOWNVICTORIAVANCOUVERCALGARYEDMONTONWINNIPEGLONDONWATERLOOTORONTOOTTAWAMONTREALHALIFAX

NATIONAL

NetRentableArea

4,132,581

27,759,947

41,091,269

15,763,512

10,902,178

4,350,625

4,717,364

95,632,544

18,034,820

47,402,377

5,135,618

274,922,835

OverallVacancyRate

14.3%

12.3%

29.9%

21.3%

17.6%

31.5%

30.5%

14.4%

16.3%

17.8%

12.5%

18.2%

DirectSpace

531,149

2,788,950

9,956,070

3,093,191

1,766,312

1,273,988

1,348,773

11,793,654

2,640,325

7,687,025

614,469

43,493,906

SubletSpace

57,858

626,333

2,313,522

259,848

155,567

98,148

88,267

1,993,698

291,380

759,461

25,937

6,670,019

Sublet%ofVacantSpace

9.8%

18.3%

18.9%

7.7%

8.1%

7.2%

6.1%

14.5%

9.9%

9.0%

4.1%

13.3%

ClassAVacancyRate

8.8%

8.4%

25.8%

19.4%

12.9%

24.3%

22.4%

10.9%

13.7%

14.4%

12.7%

14.8%

AverageClassANetRent(PSF)

$20.02

$43.52

$23.90

$19.10

$19.65

$14.48

$25.83

$35.39

$23.68

$25.91

$20.49

$30.04

QuarterNetAbsorption

-79,362

48,374

-83,262

-61,728

110,863

-124,235

29,463

2,131,905

-68,527

140,768

834

2,045,093

Year-to-DateNetAbsorption

-79,362

48,374

-83,262

-61,728

110,863

-124,235

29,463

2,131,905

-68,527

140,768

834

2,045,093

QuarterNewSupply

0

0

0

0

0

0

0

1,430,000

0

0

0

1,430,000

Year-to-DateNewSupply

0

0

0

0

0

0

0

1,430,000

0

0

0

1,430,000

UnderConstruction154,00029,38600000420,277000

SUBURBAN

603,663

NetRentableArea

5,312,479

26,136,806

25,688,797

9,770,687

4,353,250

1,559,529

11,620,178

77,051,807

22,380,837

35,962,169

7,651,425

227,487,964

OverallVacancyRate

6.1%

9.1%

17.0%

15.6%

11.2%

9.9%

12.1%

21.0%

12.7%

19.8%

6.6%

16.4%

DirectSpace

315,871

1,879,304

3,827,824

1,442,101

450,167

152,393

1,190,147

14,666,533

2,560,546

6,273,906

467,024

33,225,816

SubletSpace

8,417

507,337

546,957

78,954

35,949

2,695

219,052

1,546,777

282,012

861,525

38,008

4,127,683

Sublet%ofVacantSpace

2.6%

21.3%

12.5%

5.2%

7.4%

1.7%

15.5%

9.5%

9.9%

12.1%

7.5%

11.1%

ClassAVacancyRate

12.0%

10.2%

16.2%

13.1%

N/A

N/A

17.1%

23.4%

12.3%

16.9%

7.7%

17.5%

AverageClassANetRent(PSF)

$27.70

$32.99

$20.12

$18.38

N/A

N/A

$16.61

$19.56

$15.75

$17.97

$18.31

$20.71

QuarterNetAbsorption

-12,736

446,278

423,676

29,645

-7,510

12,910

-19,578

-229,513

-344,229

-298,325

64,314

64,932

Year-to-DateNetAbsorption

-12,736

446,278

423,676

29,645

-7,510

12,910

-19,578

-229,513

-344,229

-298,325

64,314

64,932

QuarterNewSupply

0

164,255

0

0

0

0

17,000

0

0

0

0

181,255

Year-to-DateNewSupply

0

164,255

0

0

0

0

17,000

0

0

0

0

181,255

UnderConstruction

0

584,617

20,688

0

28,320

0

0

202,662

36,000

0

80,000

952,287

TOTAL

NetRentableArea

9,445,060

53,896,753

66,780,066

25,534,199

15,255,428

5,910,154

16,337,542

172,684,351

40,415,657

83,364,546

12,787,043

502,410,799

OverallVacancyRate

9.7%

10.8%

24.9%

19.1%

15.8%

25.8%

17.4%

17.4%

14.3%

18.7%

9.0%

17.4%

DirectSpace

847,020

4,668,254

13,783,894

4,535,292

2,216,479

1,426,381

2,538,920

26,460,187

5,200,871

13,960,931

1,081,493

76,719,722

SubletSpace

66,275

1,133,670

2,860,479

338,802

191,516

100,843

307,319

3,540,475

573,392

1,620,986

63,945

10,797,702

Sublet%ofVacantSpace

7.3%

19.5%

17.2%

7.0%

8.0%

6.6%

10.8%

11.8%

9.9%

10.4%

5.6%

12.3%

ClassAVacancyRate

10.9%

9.3%

22.8%

17.7%

12.9%

24.3%

18.4%

15.9%

12.9%

15.4%

10.2%

15.9%

AverageClassANetRent(PSF)

$26.11

$37.23

$22.94

$18.94

$19.65

$14.48

$18.95

$29.09

$19.22

$22.70

$19.65

$26.26

QuarterNetAbsorption

-92,098

494,652

340,414

-32,083

103,353

-111,325

9,885

1,902,392

-412,756

-157,557

65,148

2,110,025

Year-to-DateNetAbsorption

-92,098

494,652

340,414

-32,083

103,353

-111,325

9,885

1,902,392

-412,756

-157,557

65,148

2,110,025

QuarterNewSupply

0

164,255

0

0

0

0

17,000

1,430,000

0

0

0

1,611,255

Year-to-DateNewSupply

0

164,255

0

0

0

0

17,000

1,430,000

0

0

0

1,611,255

154,000

614,003

20,688

0

28,320

0

0

622,939

36,000

0

80,000

1,555,950

UnderConstruction

Source:CBREResearch,Q12026.

FIGURES|CANADAOFFICE|Q12026

11CBRERESEARCH©2026CBRELimited

Canada

4,000

3,000

2,000

1,000

0

-1,000

-2,000

-3,000

Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12023202420252026

NetAbsorptionNewSupplyVacancy

NetAbsorption&NewSupply(000’sSF)Vacancy(%)

20%

15%

10%

5%

0%

-5%

-10%

-15%

METROSUPPLY&DEMANDUNDERCONSTRUCTION

Suburban

1.0MSF

0.4%ofInventory

Downtown

0.6MSF

0.2%ofInventory

TheCanadianoffice