Q2 2026 Vancouver Office Market Report

Vancouver’s office market remains tenant-favourable despite signs of gradual stabilization. Leasing activity continues to be measured, with occupiers remaining cautious amid ongoing economic uncertainty and renewed trade concerns. While demand for expansion remains limited, the market posted modest positive net absorption in the second quarter, contributing to a further decline in availability rates. Metro Vancouver availability fell 30 basis points to 12.2%, while downtown availability declined 50 basis points to 14.8%, supported in part by a continued reduction in sublease space. Construction activity remains subdued at just 736,000 square feet, reflecting a significant slowdown in new development as developers respond to softer demand. Although recent market fundamentals have improved modestly, availability remains elevated by historical standards, and many tenants continue to focus on optimizing existing space rather than pursuing expansion.