MID-YEAR 2022

Metro Vancouver Office Market Report

The broad focus of working from home during the pandemic has shifted the demand for office space.

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Snapshot of

Metro Vancouver

Market highlights

Downtown Vancouver

Market relatively balanced as leasing activity resumes

Class AAA space made up the largest increase in vacancy

Class AAA space made up the largest increase in vacancy during this 12-month period, increasing by 276,862 sf.

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Tenants are returning to the office and gaining a better understanding of their space needs

This should increase demand for office space and stimulate leasing activity.

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Vancouver-Broadway

Overall vacancy is significantly lower

The reduction in vacancy year-over-year was evident in both Mount Pleasant and False Creek Flats, which made up the periphery markets.

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Significant contributions to absorption came from new supply

The last six months of 2021 experienced significant overall absorption and the first six months of 2022 continued that trend for the Vancouver-Broadway market with a massive 746,316 sf of positive absorption over the past 12 months for the overall market.

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MID-YEAR 2022 METRO VANCOUVER

Office Market Report

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MID-YEAR 2022 METRO VANCOUVER

Downtown Development Map

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© 2022 Avison Young. All rights reserved. E. & O.E.: The information contained herein was obtained from sources that we deem reliable and, while thought to be correct, is not guaranteed by Avison Young Commercial Real Estate Services, LP (“Avison Young”)