YEAR-END 2021

Metro Vancouver Office Market Report

Downtown office recovery taking root as suburbs thrive amid rising concerns around new supply or lack thereof

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Snapshot of

Metro Vancouver

Market highlights

Downtown Vancouver

Market relatively balanced as leasing activity resumes

Downtown vacancy rose to 8.1% at year-end 2021

While Downtown vacancy reached 8.1% at year-end 2021 – the highest since year-end 2015 – all indicators point to the worst impacts of COVID-19 having likely passed although vacancy in the core will continue to rise in 2022.

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Almost 3.3 msf of new construction underway

With an additional 2.1 msf currently in the pipeline for 2026, downtown development is set to remain active through 2023.

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Vancouver-Broadway

Recovery taking root after long COVID year

Vacancy likely to decline slowly in 2022

Overall vacancy rose slightly to 9.2% at year-end 2021 from 8.9% a year earlier, but declined notably from 12.4% at mid-year 2021 and likely marked the first step in the market’s recovery from COVID-19.

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Rental rates mostly remained stable through 2021 despite heightened vacancy

Upward pressure on rental rates is expected to continue through 2022 as vacancy is forecasted to continue tightening.

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YEAR-END 2021 METRO VANCOUVER

Office Market Report

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YEAR-END 2021 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”)