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Vancouver Office Market Report Q4 2016

Vancouver Office Market Report Q4 2016

Vancouver Office Market Report Q4 2016

Metro Vancouver vacancy rates are down from 9.3% in Q3 to 7.9% in Q4. This was the result of positive absorption in most markets, including a dramatic positive absorption in Burnaby as Metrotower III is now fully occupied.

  • The Metro Vancouver office market performed resiliently this quarter after several increases in vacancy over the year. The YTD absorption reached just over 1.7 million.
  • There is 1.3 million square feet of new supply expected to complete in 2017, and 42% of that is pre-leased.
  • The sublease vacancy rate has remained steady since 2010, with an average of 450,000 square feet available each quarter; Q4 2016 is slightly above the 7-year trend with 584,887 SF of sublease space available.
  • Building sales in Mount Pleasant and False Creek Flats continue at a brisk pace.
  • The office investment market looks to close out 2016 at almost $2 billion in sales, compared to $540 million in 2015, primarily due to the sale of trophy assets in the downtown core.
  • In November, we redefined our categorization of the technology industry to TAMI (technology, advertising, media and information), bringing our reports in line with major technology hubs in the USA, and offering a more nuanced view of the industry. 

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