Vancouver Office Market Report Q3 2021
Metro Vancouver’s office market notched its third consecutive quarter of positive absorption with occupied space increasing by 169,000 square feet in the three months ending September 30th. While decidedly more lacklustre than the previous quarter (421,000 square feet), the trend appears to be one of stabilization, after a very soft nine months. Sublease space continues to decline, the availability rate was down 70 basis points relative to the first quarter high of 9.9%, and most businesses seem to have come to terms with maintaining a substantial office presence, despite still widespread remote working. As the end of COVID becomes a possible reality, occupiers appear to be positioning themselves to meet the needs of both in-person, and remote working.