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Greater Vancouver Area Office Market Report Q4 2020

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research article
  • The COVID-19 pandemic has had a continued influence on the Greater Vancouver office market with negative absorption leading to increased vacancy rates across the Lower Mainland. Construction on planned projects continues to move forward as over a million square feet of AAA class space will be introduced to the downtown market from four buildings in the coming year. AAA and A class space continues to perform healthier than B and C class spaces.
  • Greater Vancouver has seen an increase in office vacancy of 80 basis points to 4.9%, there continues to be a demand for well build space as majority of the vacant space is in B and C class spaces.
  • Sublet space makes up 45% of vacant space in Vancouver's CBD and 36% of all vacant space across the Lower Mainland.
  • 28 office sales transactions occurred across the lower mainland in Q4 down 7% from the previous quarter.

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Greater Vancouver Area Office Market Report Q4 2020

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