June 28, 2024
Metro Vancouver Office Figures Q2 2024
Market Highlights
- Overall vacancy in Metro Vancouver rose 20 basis points to 9.7%, marking the 2nd consecutive quarterly increase
- Sublease vacancy in the Downtown core has decreased for three consecutive quarters, reaching its lowest level since Q3 2022
- Head lease availability in Downtown is increasing, contrasting with the declining sublease market
- With no major commitments, no significant downtown development activity and a growing interest in office conversions, the construction pipeline continues to lighten, recording 1.1 million sq.ft throughout Metro Vancouver
- Leasing activity remains positive, particularly in the suburban markets, with Metro vancouver concluding Q2 with 150,000 sq.ft of positive net absorption
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