Vancouver office market report

Q1 2023

Metro Vancouver saw a turbulent start to 2023, with opportunities remaining for occupiers looking for high-quality office spaces.

Downtown’s vacancy rate rose by over one percentage point to 10.8% from 9.6% at the end of 2022. This movement was largely a result of accelerating sublease availability and new class AAA supply being delivered without full prelease commitments. Technology firms felt the greatest pressure to sublease both due to their increased workforce mobility relative to more traditional office-based industries, and an attempt to cut expenses.

Deal velocity across Metro Vancouver remained constrained amid high costs of debt and ongoing changes in workplace arrangements. As a result, all submarkets other than Downtown saw negative absorption during the first quarter of 2023. Most submarkets experienced a rise in vacancy rates relative to the end of 2022. Yaletown registered the highest vacancy rate at 15.9%, a result of significantly dampened demand for shell space. In contrast, the North Shore recorded the lowest vacancy rate at 4.7%. This continued a 21-month trend of vacancy rates below 5%, representing one of the tightest markets in the metropolitan area.



A combination of unoccupied, newly delivered space and an increasing number of subleases pushed Metro Vancouver’s vacancy rate to 9.3%.



Led by the flight of significant technology occupiers in Downtown, sublease availability climbed to 29% of total vacancy throughout Metro Vancouver in the first quarter of 2023.

165,000 sf

New space available

The Stack, Bosa Waterfront Centre and The Post (south tower) added 1.21msf of new, for-lease office space to the Downtown market. Only 165,000 sf is still available signifying strong demand for class AAA space.

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Get in-depth office market reports and insights from commercial real estate experts in the Greater British Columbia area. Avison Young advisors look at Vancouver commercial real estate activities and the latest Vancouver statistics to provide you expert market research on Vancouver's office properties.

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