Vancouver Office Market Report Q4 2021

After two relatively robust quarters, the Metro Vancouver office market saw a slight softening in the fourth quarter with occupied space falling by just over 90,000 square feet. Leasing activity fell 16% relative to the third quarter but was almost triple year-ago levels. Omicron clearly put the office leasing market back on its heels (again), which will almost certainly be reflected in first quarter statistics, but overall the office market continues to move forward, albeit modestly. Of note, available sublease space continues to drop, falling to just over 1.0 million square feet, however recent signs suggest sublease space may start to once again increase. Office occupiers appear to be looking through Omicron, and indeed COVID, but the rate of uptake is certain to be decidedly lower, relative to the pre-pandemic period.