The Canadian office market is still feeling the effects of the coronavirus (COVID-19) pandemic, and while the absorption rate has improved, it still remained negative (at minus five million square feet in 2023), meaning that more space was vacated than occupied. Net absorption is the total amount of space which tenants moved into minus the total amount of space which tenants moved out of during a specific period. According to the forecast, 2024 will see an uptick in absorption, showing that the market is recovering.
Net absorption of office space in Canada from 2016 to 2023 with a forecast for 2024
(in million square feet)
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CBRE Group. (February 26, 2024). Net absorption of office space in Canada from 2016 to 2023 with a forecast for 2024 (in million square feet) [Graph]. In Statista. Retrieved February 06, 2025, from https://www.statista.com/statistics/953859/net-absorption-office-canada/?__sso_cookie_checker=failed
CBRE Group. "Net absorption of office space in Canada from 2016 to 2023 with a forecast for 2024 (in million square feet)." Chart. February 26, 2024. Statista. Accessed February 06, 2025. https://www.statista.com/statistics/953859/net-absorption-office-canada/?__sso_cookie_checker=failed
CBRE Group. (2024). Net absorption of office space in Canada from 2016 to 2023 with a forecast for 2024 (in million square feet). Statista. Statista Inc.. Accessed: February 06, 2025. https://www.statista.com/statistics/953859/net-absorption-office-canada/?__sso_cookie_checker=failed
CBRE Group. "Net Absorption of Office Space in Canada from 2016 to 2023 with a Forecast for 2024 (in Million Square Feet)." Statista, Statista Inc., 26 Feb 2024, https://www.statista.com/statistics/953859/net-absorption-office-canada/?__sso_cookie_checker=failed
CBRE Group, Net absorption of office space in Canada from 2016 to 2023 with a forecast for 2024 (in million square feet) Statista, https://www.statista.com/statistics/953859/net-absorption-office-canada/?__sso_cookie_checker=failed (last visited February 06, 2025)
Net absorption of office space in Canada from 2016 to 2023 with a forecast for 2024 (in million square feet) [Graph], CBRE Group, February 26, 2024. [Online]. Available: https://www.statista.com/statistics/953859/net-absorption-office-canada/?__sso_cookie_checker=failed