Q2 2025 Vancouver Office Market Report

In Q2, Vancouver’s office market continued to soften, with declining leasing activity, slightly lower occupancy, and a modest rise in vacancy. Economic uncertainty, particularly around trade, and slower growth weighed on demand. The metro availability rate rose 10 basis points to 12.1%, while downtown availability jumped 90 basis points to a record 15.9%. One development completed in Coquitlam, and construction activity increased slightly—primarily in the Broadway Corridor, The City of Vancouver (outside Downtown/Broadway), as well as in Richmond and Surrey. Despite the challenges, the market received a boost with Lululemon’s early July announcement to lease nearly 300,000 square feet at 725 Granville Street, the office floors above the retail space formerly occupied by Nordstrom. For tenants, conditions remain favourable, with an abundance of options, particularly downtown.