Colliers says Canada office market exits peak vacancy, enters “great stabilization” phase
CIGI•Colliers’ Q3 2026 snapshot said most Canadian office markets had moved past peak vacancy. Greater Toronto office vacancy fell to 10.4% after 860,000 square feet of positive absorption, while Calgary suburban vacancy dropped to 12.9%.
1. Vacancy trends
Colliers’ Q3 2026 snapshot flagged a “stabilization” phase for Canadian offices as most markets moved past peak vacancy. Greater Toronto office vacancy fell to 10.4% on 860,000 square feet of positive absorption, led by Class A space; Calgary suburban vacancy dropped to 12.9%, its first reading below 13% in more than a decade.
2. Industrial markets
Colliers’ industrial real estate outlook shifted toward specialized facilities, tied to more than $1 trillion in projected public-private defense and infrastructure spending. Vancouver industrial vacancy held at 2.6%, while Montréal’s fell to 5.2% as tight supply conditions persisted.
