Net absorption of office space in Canada 2016-2023 with a forecast for 2024
The Canadian office market is still feeling the effects of the coronavirus (COVID-19) pandemic, and while the absorption rate has improved, it still remained negative (at minus five million square feet in 2023), meaning that more space was vacated than occupied. Net absorption is the total amount of space which tenants moved into minus the total amount of space which tenants moved out of during a specific period. According to the forecast, 2024 will see an uptick in absorption, showing that the market is recovering.
