Vancouver Office Figures Q3 2023
November 20, 2023 5 Minute Read
‒ Metro Vancouver’s vacancy rate increased for the fifth consecutive quarter, growing 60 basis points (bps) to 9.6% and presently stands 180 bps above the 10-year historical average of 7.7%.
‒ Downtown overall vacancy increased 30 bps to 11.8%, driven by Class AAA increases. The main drivers to this increase came from shadow vacancies stemming from tenant relocations into best-in-class office premises situated within buildings from the new build cycle.
‒ Suburban vacancy rates increased for the third consecutive quarter by 80 bps, reaching 7.2% overall. This marks one of the largest quarter-over-quarter increase in over 5 years.
‒ WeWork recently exited from their 100,000 sq. ft. obligation in Bentall 6, the last building expected to deliver next year in our current Downtown build cycle. This lowers the building from 100.0% pre-leasing to 81.3%, and overall Downtown construction pre-commitment activity to 90.0%.