Vancouver Office Market Report Q2 2021
Second-quarter statistics show the Metro Vancouver office market reawakened after a 15-month hiatus. Deal and tour activity also registered a noticeable uptick relative to recent quarters, leaving office landlords feeling a bit better, all things considered. With the relaxation of Public Health Orders, and with most businesses welcoming staff and customers alike back into the office, a sense of normalcy has begun to return to the office space market, providing relief for all. Sublease space looks to have peaked in Q1 with a sizable drop in Q2. All indications suggest further declines going forward as new sublease space coming to market slowed to a trickle, and also a healthy take up of sublease space already available to lease. And not surprisingly, rents showed signs of firming.