Figures

Vancouver Office Figures Q2 2026

Large block vacancies push Suburban vacancy up, but still below Downtown

July 27, 2026 5 Minute Read

The Metro Vancouver office market recorded an increase in vacancy of 80 basis points (bps), bringing the overall rate to 11.6% in Q2 2026. This vacancy increase was led by the suburban market which posted a 190 bps increase.
Several large-block vacancies propelled the suburban market vacancy rate to 11.0% as of Q2 2026, its highest level in nearly 10 years, with vacancy stemming from new supply, a renovated property, and a large sublease expiry. Collectively, these three properties account for nearly one-quarter of total suburban vacancy.
Despite the recent slowdown in the market, the suburban market continued to outperform the downtown core by posting a lower vacancy rate than downtown’s 12.2%. This marks the fifth consecutive quarter in which downtown vacancy has exceeded suburban vacancy.
The bifurcation in vacancy between Downtown Class AAA/A and Class B/C remained stable in Q2 2026. This marks the first period in nine quarters which the gap between the two segments did not increase.