Metro Vancouver office market report

Year-end 2022

Interest rate hikes and economic slowdown increases pressure on Metro Vancouver’s office market stakeholders

In a monumental year for changes in working arrangements and demands for office space, 2022 saw the largest proportion of sublease deals (as a percentage of total deals) completed in Downtown Vancouver in the last four years. Total sublease deals in 2022 within Downtown Vancouver equaled 34, representing 27.6% of total deals completed. This is an increase of 112.5% compared with 2019.


Metro Vancouver's vacancy levels notched up 80 basis points to 8.6% at year-end 2022 from 7.8% at mid-year 2022.


Interest rate hikes and economic slowdown increase pressure on Metro Vancouver’s office market stakeholders.
2 msf

New supply

There is more than 2 million sf of new class AAA Downtown office space expected to be delivered in 2023.
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