Toronto’s downtown offices are the most vacant they’ve been in almost 30 years.

Real estate firm  CBRE says the downtown office vacancy rate hit 15% in the first quarter of the year, the highest since 1995.

The report also finds the sector is undergoing a generational evolution as it adjusts to hybrid work options for many office workers.

Ottawa and Montreal both recorded their all-time highest downtown office vacancy rates at 13.2% and 16.5%, respectively. CBRE says tech companies rethinking their spaces are to blame for many of the vacancy rate increases.