Vancouver Office Market Report Q4 2020

The surge in sublease space remains a dominant theme in Vancouver’s office leasing market (as in many markets). From midway through the 2nd quarter, sublease space began to increase as COVID lockdowns came into effect. First it was just the downtown market, and then beginning in Q3 both the Broadway Corridor and the rest of The City a long with suburban markets saw a similar increase in sublease space. To that point, in the latter half of 2020 downtown sublease space increased by 61%, while sublease space outside the core (but in The City) increased by 42%, and suburban markets by 63%. Early data points in 2021 show this trend accelerating. This suggests vacancies are set to go higher, aided by over 6.1 million square feet scheduled to be completed in 2021/23.