They haven't won the Stanley Cup in the 21st century yet (next year it will be 30 years and counting), but when it comes to post-pandemic office vacancy rates, Canadians have some bragging rights over their southern neighbor—at least on a metro level.
Based on CBRE's Q3 office market report for Canada, three Canadian cities are boasting three of the five-lowest vacancy rates in North America: Vancouver at 7.1%, Ottawa at 11.5% and Toronto at 11.8%.
CBRE noted that these cities started with lower vacancy rates before the pandemic, but also said their performance reflects the stability of Canada's relatively small number of major building owners.
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