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Vancouver Office Market Report Q3 2021

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research article

The Greater Vancouver Area vacancy rate contracted by 30 basis points to 6.2% quarter over quarter, while weighted average asking rents continued to grow quarter over quarter.

  • High-quality space remains in demand as AAA and Class A buildings continue to see the lowest vacancy rates at 2.3% and 5.0% respectively.
  • The weighted average asking net rental rates rose to $29.92, a 3% increase quarter over quarter. The price per square foot in Q3 averaged $831.00 a square foot.
  • Sublease space made up 37% of all available space in the Downtown markets in the previous quarter before dropping to 35% in Q3. In comparison, 28% of available space in Suburban markets is sublease space. The Vancouver Periphery market accounts for 43% of all available sublease space in the Suburban markets.

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Vancouver Office Market Report Q3 2021

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Darrell Hurst

Senior Managing Director, Brokerage | Vancouver

Vancouver

Darrell is a Senior Managing Director of Colliers Vancouver Brokerage operations, Canada's leading real estate services firm. Darrell is an industry veteran with more than 30 years expereince in the CRE sector across BC and Canada. Known for an extensive network of clients and deep industry knowledge, Darrell is invaluable at driving unparalled client solution results through strategic processes that align the clients corporate objectives with best in class services and best in class teams.

Darrell joined Colliers in 2021 after more than 5 years with one of Vancouver's leading development companies in an executive asset management role preceded by a highly successful brokerage career and founding team member of a leading national brokerage firm.

Darrell has been a long standing member of several industry associations including NAIOP, BOMA, UDI, ICSC, CREA and the Greater Vancouver Real Estate Board. Darrell has served several charity organizations as well as on many board/committees of industry associations over his tenure and continues to be active within the many communities in which he works. 

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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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