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Commercial real estate outlook for 2020

"The bright lights of the 2019 Canadian commercial real estate market have been the industrial and downtown office categories and the Toronto and Vancouver markets, analysts say.

“The office leasing category has been really strong, other than Calgary, with Toronto leading the way and Vancouver not far behind,” says Scott Addison, president of brokerage services for Colliers Canada.

Vancouver and Toronto had downtown office vacancy levels below 3 percent, among the lowest in North America this year. Montreal and Ottawa have had a strong office year as well, buoyed by the tech sector that also elevated Toronto and Vancouver. Calgary and Edmonton continued to be saddled with high office vacancies, thanks to the stagnant energy sector.

Lease rates have favored the landlord nationally, say the analysts."

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