Suburban markets give reason for optimism as vacancy rates drop since Q1 2023
Vacancy rates in Downtown and Yaletown continued to rise in Q2 2023. Suburban markets gave more reason for optimism as vacancy rates in Richmond, Surrey, New Westminster and the North Shore dropped since Q1 2023. Richmond experienced a burst of deals around the Airport Executive Park complex – a mixture of class A and B buildings in the heart of the submarket. Surrey also registered a number of new leases, with Manning Elliott taking 8,600 sf at The Professional Centre @ Southpoint.