March 4, 2024
Vancouver Office Stats Q4 2023
Market Highlights
- Following a period of significant development, the office pipeline is lightening, with some suburban projects on hold until economic uncertainty clears.
- Class B net absorption has been negatively impacted downtown due to the transition out of older buildings and demand for Class AAA/A space as the flight to quality continues.
- With Metro Vancouver recording Canada’s lowest vacancy rate of 9.4% and limited new supply in the coming years, rental rates are anticipated to rise as vacancies decline.
- Suburban market listings drove sublease vacancy higher, though downtown performance remained stable, noting that overall sublease availability significantly decreased in Q4 2023.
- Overall, the outlook for downtown’s office market is positive, with strong fundamentals supporting a sustained recovery.
Insights you might also like...
CBRE’s Reopening Playbook
Are you working on your office reopening strategy? CBRE Vancouver was the first North American office to reopen and we are proud to share our CBRE Reopening Playbook to provide assistance and help set the standard for our current workplace reality.
Vancouver Office MarketView Q2 2020
Metro Vancouver experienced a substantial increase in overall office vacancy to 4.6%, 70 basis point (bps) more than in Q1 2020.
Vancouver Office MarketView Q3 2022
For the first time in four quarters Metro Vancouver’s office vacancy rate experienced an increase, growing 30 basis points (bps) quarter-over-quarter to 6.6%.
2020 Tech Trends
In celebration of a new decade, we’re taking a closer look at 14 tech trend predictions from CBInsights. 2020 will be a big year for all facets of technology, particularly in health tech, business optimization, and political agendas.
