London Ontario Office Figures Q1 2026

‒    Overall office net absorption recorded its second consecutive quarter of negative net absorption, with over 110,000 SF coming back to market this quarter. This was driven by core activity, which recorded around 124,000 sq. ft. of negative absorption this quarter.

‒    Core vacancy rates remained flat quarter-over-quarter, remaining at 31.5%. It is expected to see vacancy rates drop in the coming years, as there are multiple Class B spaces in the Core that will most likely be converted into residential and mixed-use spaces.

‒    There was a Class B core office building at 383-391 Richmond Street (former Royal Bank building) that was announced as the next conversion project for the core. Farhi Holdings plans to build two mixed-use residential/commercial buildings on the site.

‒    Overall Net asking rents remained stable this quarter, dropping less than 1.0% to $13.50 per sq. ft., while class A net asking rents dropped 2.2% to $14.48 per sq. ft.