Q3 2026 Vancouver Office Market Report

Vancouver’s office market remains tenant-favourable, although fundamentals are showing signs of plateauing, raising the prospect of a slow move towards a more balanced market. Third-quarter leasing activity was the weakest three-month period on record outside COVID, measured by both square footage leased and transaction volume. Occupiers remained cautious amid economic uncertainty and ongoing trade concerns. Nevertheless, the market recorded 198,835 square feet of positive net absorption in Q3, contributing to lower availability. Metro Vancouver’s availability rate declined 30 basis points to 11.8%, while downtown availability fell 60 basis points to 14.1%. Construction activity remains subdued, with 1.08 million square feet underway and just 102,000 square feet delivered during the quarter. Despite a modest decline, availability remains elevated by historical standards, and many occupiers continue to prioritize optimizing existing space over expansion.