The industry's own research.
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Edmonton recorded 96,144 square feet of positive net absorption in Q1 2026, with overall vacancy holding steady at 15.4%, as downtown strength—driven by the Financial district and Government cluster—offset modest suburban softness. The market is shifting toward "flight to experience" strategies where high-tier properties emphasize hospitality-driven services and plug-and-play solutions, while tenants increasingly favor flexible lease terms and furnished suites to manage build-out costs and timelines.

The Greater Montreal Area office market in Q1 2026 experienced a total availability rate of 18.4%, down from the previous quarter, with positive net absorption of 252,000 square feet marking the fifth consecutive quarter of growth since 2019. Sublease space declined to 10.9% of available inventory (its lowest level since 2021), while residential conversion projects added 417,000 square feet to the 1.2 million square feet already converted, and a major office sale of the Deloitte Tower to DekaBank for $279 million ($540 per square foot) indicated signs of recovery in higher-quality assets.

The Edmonton Industrial Market Report for Q1 2026 from Avison Young documents Greater Edmonton's industrial market conditions, noting 12,044 square feet of negative absorption with vacancy remaining flat at 3.8%, driven partly by a single large-scale older generation property of 277,606 square feet entering the market. The report identifies three key market drivers: defense industry positioning linked to Canadian Forces Base Edmonton and the Royal Canadian Air Force's anticipated Western Main Operating Base; recreation operators (pickleball clubs, climbing facilities, sports leagues) leasing mid-size industrial spaces between 15,000 to 45,000 square feet; and data centre development momentum around powered sites including the Keephills project involving TransAlta, CPP Investments, and Brookfield, and Project Greenlight in Sturgeon County backed by Pembina, Kineticor, and OPTrust.

The Greater Montreal Investment Review reports that the Greater Montreal Area saw a 35% year-over-year increase in investment volume in 2025, reaching $10.1 billion in transaction volume for the first half of the year, with multi-residential assets jumping 105%, industrial assets declining 31%, shopping center sales rising 48%, and office transaction volume increasing 22%. Canadian private investors accounted for 57% of all transactional volume in 2025.

Calgary's office market in Q1 2026 recorded 46,589 square feet of city-wide absorption with an overall vacancy rate of 22.8%, down 0.1% from the previous quarter, while downtown faced structural headwinds from energy sector consolidation and M&A activity with a 27.6% vacancy rate, though the Beltline and suburbs showed resilience with respective vacancy rates of 15.6% and 16.2%. Startup energy companies and residential conversions emerged as positive drivers, with investor confidence reflected in strategic acquisitions including Dominium's $60 million purchase of the Imperial Oil campus in Quarry Park and other notable transactions in the suburban and urban submarkets.

The Calgary Industrial Market Report Q1 2026 covers leasing activity, construction trends, and land acquisition patterns in Calgary's industrial sector, finding that speculative construction surged with over 4 million square feet slated for delivery by 2027, while owner-users dominated sales activity at 68% of total volume compared to 50% in 2025, with the overall vacancy rate at 4.3%. The report notes that despite negative absorption in the large format segment, demand is growing steadily, land prices increased 12% per acre year-over-year, and 2.4 million square feet of the 4.4 million square feet under construction is pre-leased.

The Greater Montreal Area industrial market report for Q1 2026 shows stabilization after an extended adjustment period, with a vacancy rate holding at 7.6% and positive absorption of 554,000 square feet in the first quarter. Industrial demand remains positive but more targeted toward operational efficiency and flexibility, while approximately 2.4 million square feet are under construction, representing a significantly scaled-back development activity relative to existing inventory.

Calgary's retail market in Q1 2026 showed a total vacancy rate of 3.2% with 46.5 million square feet of inventory and average achieved rents of $37.60 per square foot, supported by a resilient economy, strong labour market, and healthy demand for grocery-anchored and service-based retailers. The report identifies three key trends: evolving consumer preferences driving demand for experiential and convenience retail, federal-provincial childcare funding reshaping the market with increased absorption of commercial real estate by non-profit operators, and Competition Bureau enforcement creating new legal risks around exclusivity clauses and restrictive covenants in retail leases across all sectors.

Edmonton's retail market demonstrates resilience with a 4.9% vacancy rate (up 0.4% from 2024), 37.9 million square feet of total inventory (up 365,000 sf from 2024), 543,000 square feet under construction year-to-date 2025, and average base rent of $36.14 per square foot (up $3.88 from 2024), signaling ongoing recovery and stability following pandemic disruptions. The document identifies three key retail trends: Edmonton leads Canada in per capita retail expenditures driven by energy-sector employment and population growth; federal-provincial childcare funding has reshaped the market toward non-profit and preschool-only operators; and Competition Bureau enforcement has placed new scrutiny on exclusivity clauses and restrictive covenants in retail leases across all sectors.

The Greater Toronto office market experienced significant recovery in Q1 2026, with the overall availability rate declining 160 basis points to 17.6% and vacancy falling 140 basis points to 15.7%, driven largely by strong leasing activity that added 2.1 million square feet across the region. Downtown Toronto led the recovery with availability dropping to 15.5% and vacancy to 13.1%, while zero new office building completions occurred during the quarter, with only 1.4 million square feet from CIBC Square Phase II remaining under construction and scheduled for Q2 2026 delivery.

The Metro Vancouver industrial market report for Q1 2026 indicates that overall vacancy tightened to 4.1% from 4.5% in the previous quarter, with strong demand concentrated in smaller units under 10,000 square feet and large-bay units exceeding 100,000 square feet, while new supply remained constrained at 768,409 square feet. Development activity shifted toward tenant-specific build-to-suit projects, which accounted for 50% of new construction starts totaling just over 900,000 square feet of the 1.1 million square feet that broke ground, while speculative and strata development declined sharply to 22% of starts from a 2025 average of 63%.

Vancouver's multifamily market report by Avison Young covers H1 2025 trends, noting that nearly 20,000 rental units are under construction as of July 2025 despite structural challenges expected to create supply shortfalls in 2-3 years, while the market has shifted toward buyers with cap rates exceeding 4%, vacancy at 1.9%, average rents at $2,830 per month, and annual rent declines of 7.0%. The report identifies private capital as increasingly dominant as institutional investors retreat, with activity concentrated in value-add segments and well-located competitively-priced assets, while zoning reforms and federal programs support affordable housing development.

The Avison Young Metro Vancouver office market report for Q1 2026 tracks market fundamentals including a vacancy rate of 11.8% (down from 12.4% in Q4 2025), 8.0 million square feet available, $55.11 average gross asking rent per square foot, and 321,000 square feet of absorption in the quarter. Small and mid-sized tenants are driving leasing momentum particularly in the 3,000 to 8,000 square foot range, tenant requirements are becoming more function-focused, and elevated inducements remain central to leasing negotiations as the market gradually rebalances.

The U.S. office market is showing a selective recovery with shrinking inventory and declining availability, but demand remains concentrated in highest-quality assets and strongest locations. Trophy and class A buildings command an average rent premium of approximately 50% over class B space, while leasing activity remains 21% below pre-COVID averages nationally, though some markets like Manhattan and San Francisco have returned to or exceeded pre-pandemic leasing levels.

The Q4 2025 U.S. industrial market report by Avison Young states that national vacancy held flat for two consecutive quarters for the first time in the post-COVID cycle, with vacancy plateauing at 9.3% and net absorption reaching 54.9 million square feet, the highest level since Q1 2023. The report indicates that inventory under construction increased 2.0% as developers resumed activity after a pullback, leasing volumes surged 10.2% above pre-COVID averages, and industrial investment volume exceeded $96 billion, with stronger-than-expected demand in the second half of 2025 driven by clarity on trade policy and manufacturing investment tied to OBBBA incentives.

The Minneapolis-St. Paul office market recorded 4.8 million square feet in total leasing volume during 2025, representing over 4% growth compared to 2024, though remaining below pre-COVID levels. Q4 2025 showed total availability at 22.3% with negative net absorption of 1.5%, largely driven by Ameriprise Financial's full vacancy of the Ameriprise Financial Center, while the development pipeline remained conservative with no new office projects breaking ground that quarter.

Miami's office market recorded 918,000 square feet of total leased space in Q1 2026, with tech occupiers accounting for 37% of leasing activity and FIRE tenants representing 20%, while the market achieved $523.3 million in sales volume—the highest first-quarter total in over a decade—driven by major transactions including Goldman Properties and Citadel's acquisition of 545 Wyn and Mana Group's purchase of One Downtown. Miami's office utilization stood at 75.1% in February 2026 compared to February 2019, outperforming primary national markets, with overall market vacancy at 13.7% and positive net absorption of 96,265 square feet for the quarter.

Miami's industrial market reached record average sale prices of $257 per square foot in Q1 2026, marking the ninth consecutive quarter of appreciation, while asking rents averaged $17.26 psf NNN despite a 1.7% quarterly decline. Vacancy rose to 7.2% as new supply was delivered and leasing cycles lengthened to 6.1 months, the longest in two years, though overall leasing activity of 3.1 million square feet remained within the market's normalized demand range with transaction volume at $208 million.

This Q3 2025 report from Avison Young analyzes U.S. multifamily market conditions, finding that average monthly mortgage payments exceed average multifamily rents by $825, creating strong rental demand that is keeping pace with new deliveries at the lowest supply-demand gap since 2021. The report documents a 47.4% decline in new construction starts between 2024 and 2025 year-to-date, resulting in rent growth of 0.9% through Q3 2025—the highest rate since 2022—with major coastal markets experiencing above-average rent increases while high-supply Sunbelt markets face downward pressure, and year-to-date multifamily sales volumes reaching their highest levels since 2022 with 60% of available investment capital targeting multifamily assets.

Major U.S. markets absorbed more than 72,000 multifamily units in Q1 2025, with absorption at 25.2% of 2024's full-year total and multifamily sales activity increasing 9.7% compared to Q1 2024. Development activity is projected to slow significantly by 2026 while effective rents have increased only 1.7% since 2023, though 66.4% of units under construction are expected to deliver in 2025, which combined with slowing future construction may place upward pressure on occupancy and rental rates.

Quarterly review of take-up and investment across the UK's nine major regional office markets, tracking occupier demand, prime rents and the grade-A supply shortfall.

Quarterly review of UK big box / grade-A logistics occupier and investment activity, with take-up rebounding 37% year-on-year to 6.9m sq ft in Q1 2026.

Avison Young's annual Canadian CRE outlook, with 97% of surveyed experts expecting activity to increase or hold steady and the strongest sales quarter since 2022 in Q3 2025.

Avison Young's annual US CRE outlook, drawing on a survey of 270+ market experts showing confidence rising to nearly 70% heading into 2026, with sector-by-sector guidance.

Avison Young experts examine global real estate investment trends and cross-border capital flows, covering the London office resurgence, US debt liquidity and the 2026 investor outlook.

Sector-by-sector breakdown of the outlook for UK commercial real estate investment in 2025, assessing how economic recovery and interest-rate moves shape each asset class.

Avison Young reports U.S. office leasing of 61.7 million square feet in Q1 2026, with availability declining for a seventh straight quarter to 22.2% and gateway markets San Francisco and Manhattan near pre-COVID volumes.

The Houston edition reviews local office leasing, availability and rents for the first quarter of 2026.

The Dallas-Fort Worth office market closed 2025 with its strongest performance since 2019, supported by robust net absorption, rising leasing activity and continued tenant preference for trophy and Class A space.

Houston recorded its first year of positive office net absorption since 2015, with 625,082 square feet of positive absorption for 2025, reversing nine consecutive years of tenant space reductions.

The Q4 2025 office report closes the year with trophy properties outperforming historical norms while overall leasing remains below pre pandemic levels and recovery varies widely by market.

The Q3 2025 office report shows trophy direct vacancy dropping below 10 percent for the first time in a decade. Tech firms increased their share of leasing activity, driven by AI demand.

The Q3 2025 industrial report covers net absorption against rising vacancy and broader market indicators as the sector normalises from its post pandemic surge.

The Q2 2025 report documents a bifurcated office recovery in which trophy and modern Class A space tightens while older buildings face persistent vacancy. Occupiers continue a decisive flight to quality.