Commercial Real Estate Market at Turning Point as Vacancies Drop: Report

Space available on storefronts is shown on Queen Street in Toronto on April 16, 2020. Nathan Denette/The Canadian PressCanada’s commercial real estate sector could be at a turning point after the national vacancy rates for both office and industrial properties simultaneously declined for the first time since 2020, a new analysis has found.The report from Colliers International said the national office vacancy rate was 13.6 percent in the first quarter of 2026, down one percentage point year-over-year and marking one of the most significant improvements since the COVID-19 pandemic.