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Canada Office Vacancy Rate Climbs as Omicron Delays Return

In Toronto, Canada’s largest city and financial capital, vacancies ticked up to 14.8%.

In Toronto, Canada’s largest city and financial capital, vacancies ticked up to 14.8%.

Photographer: Cole Burston/Bloomberg
Updated on

Canadian landlords expecting workers to return to offices vacated during the pandemic were delivered a blow as an omicron variant surge at the beginning of the year prompted more companies to give up leases.

The national office-vacancy rate rose to a record 16.3% in the first quarter, according to a report Wednesday by commercial real estate brokerage CBRE. The trend was reflected in Toronto, Canada’s largest city and financial capital, where vacancies ticked up to 14.8%.