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Vancouver Office Market Report Q2 2021

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research article

The Greater Vancouver Area vacancy rate rose by 50 basis points to 6.5% quarter over quarter. High-quality space remains in demand as AAA and Class A buildings continue to see the lowest vacancy rates at 2.0% and 5.7% respectively.

  • The weighted average asking net rental rates rose to $29.04, an 5% increase quarter over quarter. The price per square foot in Q2 averaged $744.00 a square foot, an increase of 2.6% increase quarter over quarter. 
  • Sublease space made up 45% of all available space in the Downtown markets in the previous quarter before dropping to 37% in Q2. In comparison, 26% of available space in Suburban markets is sublease space. Burnaby accounts for 46% of all available sublease space in the Suburban markets.
  • Q2 2021 saw an increase in leasing activity, as many businesses begin to prepare to welcome employees back to the office in a safe manner. 


Vancouver Office Market Report Q2 2021

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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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