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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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For More Information, Please Contact:

Roelof van Dijk

Senior Director, National Research & Analytics | Canada

Toronto Downtown

As Senior Director, Research & Analytics | Canada, Roelof leads the strategy and operation of Colliers Canada Research, delivering market intelligence initiatives that give Colliers and its clients a competitive advantage. He focuses on developing a high-performance national research team that leverages Colliers’ best-in-class market intelligence to produce relevant insights on local and national market and industry trends that inform client decisions, address market needs and support Colliers’ growth strategies.

Roelof has 15 years of experience covering the Canadian commercial real estate market. Prior to his career in commercial real estate, he also worked as a project manager and urban planning consultant for residential developers across the Greater Toronto Area.

Roelof is regularly cited in national publications, such as The Globe & Mail, CBC News, Bloomberg, Reuters, Maclean’s Magazine and the National Post, as well as in local outlets across Canada.

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