Metro Vancouver office market report

Q4 2023

The vacancy rate increased slightly, and rental rates remained steady with limited options for premium large block availabilities.


Flight to quality continued to be evident in Q4 2023, as absorption registered positive in class AAA/A buildings and negative in class B/C product. Though the education sector accounted for several large transactions in 2023, with the Federal Government’s recent announcement on the cap of student visas which will take effect on September 1, 2024, it is expected that their requirements for space in Metro Vancouver will decline as schools re-evaluate their real estate needs.


Vacancy rate

A quarter-over-quarter increase of 10 basis points in the Metro Vancouver market.


sf of absorption

in the Metro Vancouver market, bringing 2023 annual absorption to 316,120 sf.


Average asking gross rental rate per square foot (psf)

Includes average asking additional rent of $21.12 psf in Metro Vancouver.

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