After several quarters of historic low vacancy, an unprecedented rise in rental rates, and a supply-constrained downtown, one of North America’s tightest markets is experiencing a dynamic shift in the office leasing landscape.
- Due to the COVID-19 pandemic and its effects on overall tenant activity, the regional vacancy rate increased by 20 basis points to 2.9%, a change in dynamics not seen since Q2 2016 when the regional vacancy rate was 10%.
- Activity in the suburban markets remain steady with Burnaby, Surrey, and New Westminster showing positive absorption.
