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Office vacancies in Canada approach 30 year high

Author

Jay Lutz
July 05, 2023

Office vacancies in Canada approach 30 year high

According to a groundbreaking report by renowned commercial real estate firm CBRE, Canada is experiencing a shocking surge in office vacancies, reaching its highest level in nearly three decades. The second quarter saw the national office vacancy rate soar to a staggering 18.1%, nearing the worrisome 1994 record of 18.6%.

The country’s economic stability hangs in the balance as a perfect storm brews, combining recession threats, interest rate hikes, weakened tech sectors, tenant downsizing, and a deluge of new office spaces. The remote work revolution only amplifies the uncertainty.

Downtown cores bear the brunt of this crisis, with the second quarter witnessing a disheartening increase in vacancy rates. The downtown office vacancy rate climbed to a concerning 18.9%, up from the previous quarter’s 18.5%. Suburban areas also suffered, with a vacancy rate of 17.1%, marking an alarming rise from the earlier 16.9%.

You can read more on the matter here.

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What’s going on?

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  • TikTok Emerges as Threat to Amazon With $20 Billion Shopping Pilot (Bloomberg)

  • Brookfield Reinsurance to buy annuities provider American Equity in $4.3 bln deal (Reuters)

  • Great Scott! Flying Car Prototype Receives FAA Airworthiness Certificate, Targets Launch By 2025 (theDeepDive)

  • Volkswagen Cuts EV Production As Demand Falls, Pressure To Electrify Intensifies (theDeepDive)

  • Snowfall at the White House: Cocaine Found on White House Grounds Sparks Evacuation, Secret Service Investigation (theDeepDive)

  • Zuckerberg Under Fire in China After Report of Quest Sale Talks (Bloomberg)

  • Is Shein Gearing Up for A US IPO? (theDeepDive)

General intelligence?

The stock market and stuff

  • Regulators tighten screw on investment fund redemptions (Reuters)

  • BYD Stock Gain Lags Behind Tesla’s 127% Jump Amid China EV Race (Bloomberg)

  • Technology, financials stocks drag Toronto shares lower (Reuters)

In the juniors

  • First Lithium Acquires LCL Lithium Project In Northwestern Ontario (theDeepDive)

  • Patriot Battery Metals Sees CV13 Pegmatite Metallurgical Testwork Produce 6% Li2O Spodumene Concentrate (theDeepDive)

  • EV startup Nikola reports jump in second-quarter deliveries, shares rise (Reuters)

  • Curaleaf Purchases Portuguese Processing Assets From Clever Leaves (theDeepDive)

FULL DISCLOSURE: Golden Cariboo Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Golden Cariboo Resources. The author has been compensated to cover Golden Cariboo Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.