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FINWIRES

Canada's Office Market Is Getting Off The Floor, Says BMO

-- One area of the Canadian real estate market that is tightening up is maybe the last place many would have expected said Bank of Montreal (BMO), it's the office market.

Office vacancy rates nationally dipped for a third-straight quarter in Q1, according to CBRE, although still very elevated at above 17%, stated BMO.

There is a clear improvement starting in the Greater Toronto Area with limited new supply and some net absorption with more return-to-office activity, pointed out the bank.

Contrast that to areas like industrial, which was heavily supplied in recent years, or multifamily, which was heavily supplied and demand is also crumbling with population growth, it added.

This isn't to say this is a strong office market yet, but it's one that is getting up off the floor, especially in prime areas, according to BMO.

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