Canada industrial sublet space surges in 2024

Currently, there is 9 million square feet (msf) of vacant sublet space (partial or complete take over of an existing lease) in the seven major markets in Canada, accounting for 14% of the total vacant space on the market. Since the end of 2023, vacant sublet space has increased by 3.4 msf, representing a rise of over 60% year-to-date in 2024.
During the same period, the vacant direct space (offered for lease directly with the owner or landlord) in Canada has also risen by 15 msf, or 30%.
Looking closer at individual market performance, we see that year-over-year, Vancouver's sublease market has grown sixfold, while Toronto and Montreal have quadrupled their vacant sublease space during the same period. Although these industrial markets remain tight by historical standards, the increase in sublease vacancy is welcome news for many occupiers seeking industrial space.

October 21, 2024

Canada vacant industrial sublet space surges in 2024