Vancouver Office Market Report Q1 2022

Interest in leasing registered a significant increase in the first quarter, with a number of large enterprise companies active in the market. This came on the heels of relatively quiet fourth quarter. First quarter absorption (change in occupied space) was also healthy at 370,000 square feet. As anticipated, sublease space increased slightly, and early signs suggest a further increase in the second quarter. Notable in the first quarter was the delivery of three office buildings in the downtown core; 601 W. Hastings, 410 W. Georgia, and 1280 Burrard. None of which were delivered fully leased. For the balance of the year, a further 1.4 million square feet will be completed including Bosa Waterfront Centre, Vancouver Centre II, and The Stack. This new space however, is not expected to materially change the supply/demand balance in the downtown market.