Q1 2026 Vancouver Office Market Report

Vancouver’s office market remains largely directionless, characterized by subdued leasing activity, a modest contraction in occupied space, and availability rates near historic highs. Macroeconomic uncertainty—particularly surrounding global trade and the conflict in the Middle East—continues to weigh on business sentiment and the local economy, evidenced by job losses and a rising unemployment rate. Despite these headwinds, metro-wide availability declined 30 basis points in the first quarter to 12.3%, supported by a modest reduction in sublease space. Downtown availability also edged lower, falling 10 basis points to 15.5%, though it remains elevated relative to historical norms. Construction activity held steady at 1.1 million square feet, with most development occurring outside the downtown core. As occupiers continue to right-size footprints, demand for expansion remains muted amid persistent economic uncertainty and elevated tenant improvement costs.