•Metro Vancouver office vacancy increased for the third consecutive quarter to 6.2%, up 280 basis points (bps) from the 2019 year-end total.

•Downtown vacancy rose by 120 bps in comparison to Q3 2020 (now 5.8%), returning to levels last seen in Q2 2017.

•Vacancy in the overall suburban market surged 130 bps to 6.6% this quarter, the highest it has been since Q3 2018.

•Metro Vancouver remained the tightest office market in Canada, with the lowest overall and downtown vacancy rates of any North American market.

•Average asking lease rates grew 10.2% year-over-year throughout the Metro Vancouver region, primarily backed by  the Downtown market which hold higher averages than the suburbs.