November 3, 2020
Vancouver Office MarketView Q3 2020
Market Highlights
- Metro Vancouver office vacancy increased for the second successive quarter to 5.4%
- Downtown vacancy rose by 130 basis points (bps) compared to Q2 2020 (now 4.6%)
- Vacancy in suburban market settled at 6.3%, 30 bps over Q2 2020
- Metro Vancouver remained the tightest office market in Canada
Economics
- Real GDP in Q2 fell 11.5% compared to Q1. July registered a 3% growth in GDP month-over-month
- British Columbia’s Consumer Price Index fell 0.2% in August over July 2020 (+0.1% for Canada)
- Statistics Canada estimated BC’s unemployment rate at 8.4% in September and 9.0% nationally
- Bank of Canada maintained its target rate at 0.25% in September
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