Metro Vancouver, BC Office Market Report (Year-End 2021)February 3, 2022
The largest issue facing Metro Vancouver’s office market is no longer the COVID-19 global pandemic that upended how, where and when office workers performed their jobs, but it is instead an issue of supply. While downtown Vancouver is well-positioned with new office towers in the short- to mid-term, suburban office markets that recovered quickly (if impacted at all) from COVID-19 containment measures find themselves desperately short of new office space. This is occurring as more people have vacated city cores to suburban/secondary markets in the search for more space for their families and home offices, while also looking to employers for greater flexibility in terms of where they can work. These recent population shifts may come to illustrate a need for new suburban office space in the years to come.