Q3 2025 Vancouver Office Market Report

Vancouver’s office market continued to exhibit signs of unease, characterized by subdued leasing activity, declining occupancy, and a further rise in vacancy. Economic uncertainty, particularly around trade, combined with a slowdown in employment and overall growth, continues to weigh on demand. Boosted by a slight increase in sublease space, the metro availability rate rose 40 basis points to 12.3%, while downtown availability also increased 40 basis points to a record 16.0%. Construction activity continued to slow, with just 397,581 square feet underway. While new office development will be scarce in the coming years, several large blocks of space entering the market should satisfy any near-term large-scale requirements. In response to aging leasehold improvements, turnkey show suites have become standard among many buildings - a welcome addition. For tenants, market conditions are set to remain highly favourable with an abundance of choice, and flexible terms.