Vancouver Office Market Report - Vancouver

Metro Vancouver office market report

Q2 2023

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.

10.1%

Vacancy

New head lease spaces in Downtown pushed Metro Vancouver’s vacancy rate to 10.1%.

29,000 sf

Absorption

Despite rising vacancy in Downtown and Yaletown, suburban markets saw more activity with a combined positive three-month absorption of approximately 29,500 sf.

76%

Head lease

Head lease vacancy superseded sublease vacancy as the primary driver for Downtown’s unoccupied office spaces, representing 76% of new vacant space in Q2 2023.

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