June 28, 2024

Market Highlights

• Overall vacancy in Metro Vancouver rose 20 basis points to 9.7%, marking the 2^nd 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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