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.
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