Q4 2025 Vancouver Office Market Report

Vancouver’s office market continued to show signs of unease, marked by still sluggish leasing activity, a further increase in availability, and only modest growth in occupied space. Macro-level uncertainty—particularly related to trade and geopolitical risks—combined with minimal private-sector employment growth, continued to weigh on tenant demand. Aided by a slight rise in sublease space, the metro-wide availability rate increased by 20 basis points to 12.6%, while downtown availability declined by 20 basis points to close the year at 15.6%. Construction activity continued to slow, with just 700,764 square feet under development, representing a fourteen-year low. While new office deliveries are expected to be limited in the coming years, large blocks of space continue to return to the market. As aging leasehold improvements and intensified landlord competition converge, turnkey show suites have emerged as a primary battleground in the fight to attract new tenants.