Metro Vancouver Office Market Report Q1 2018

“The overall vacancy rate for Metro Vancouver edged down to 5.4% in Q1 2018. This was the ninth quarter in a row that vacancy in Vancouver tightened. Continued low vacancy and competition for space has resulted in higher Net rents across most submarkets.”

  • Tenant demand for Metro Vancouver exceeded 3.2 million square feet at the end of Q1 2018. Technology companies accounted for approximately 38% of demand, followed by the education sector at 13% and professional services at 12%.
  • The Exchange Tower at 475 Howe Street, which currently accounts for the bulk of AAA vacancy in the downtown core, is rumored to have multiple offers on all remaining floors.
  • The federal and provincial governments have reached a funding agreement regarding the Millennium Line Broadway Extension, and land procurement for the new Skytrain stations is expected to commence in 2018.

Vancouver Office

Metro Vancouver Office Market Report Q1 2018