Vancouver Office Market Report Q4 2019
The Metro Vancouver office leasing market only became more challenging in the final quarter of the year. Market conditions were characterized by little space available to lease and sharply higher lease rates. For any business looking for space, and those that are facing a lease renewal, the sticker shock will be palpable. There is still a very sharp downtown/suburban divide, but there is growing evidence overheated demand in downtown Vancouver is pushing all markets higher, including previously sluggish suburban markets. The best that could be said is vacancy/availability rates didn’t go any lower with office vacancies during the quarter holding steady at 4.5%. The prognosis is little better for occupiers in the year ahead. No new office space of significance will be added to the market until 2021.