* Net absorption forecast averages 1 million square feet per quarter in 2027, rising to 1.75 million in 2028. * Deliveries expected to drop to 200,000 square feet by end-2027 following a 2026 peak led by Toronto’s CIBC Square phase two. * Higher-end offices continue to outperform; rent growth forecast at 4% versus about 2% for other assets. * CoStar forecast sees Canada’s office vacancy rate falling to 8.7% by end-2028, from 9.8% in Q2 2026. * National vacancy peaked at 10.4% in Q2 2025; forecast calls for 9.3% by end-2027. * Decline driven mainly by a thin development pipeline, not a demand surge; net absorption seen modest through 2028.
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