Vancouver Office Figures Q4 2023

February 28, 2024 5 Minute Read

Looking for a PDF of this content?

     Following a period of significant development, the office pipeline is lightening, with some suburban projects on hold until economic uncertainty clears.

     Class B net absorption has been negatively impacted downtown due to the transition out of older buildings and demand for Class AAA/A space as the flight to quality continues.

     With Metro Vancouver recording Canada's lowest vacancy rate of 9.4% and limited new supply in the coming years, rental rates are anticipated to rise as vacancies decline.

     Suburban market listings drove sublease vacancy higher, though downtown performance remained stable, noting that overall sublease availability significantly decreased in Q4 2023. 

    Overall, the outlook for downtown's office market is positive, with strong fundamentals supporting a sustained recovery.