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Vancouver Office Market Report Q4 2021

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research article

The Greater Vancouver Area vacancy rate contracted by 30 basis points to 5.9% quarter over quarter, while weighted average asking rents continued to grow quarter over quarter.

  • High-quality space remains in demand as AAA and A Classes saw positive absorption but were outpaced by B and C Classes which saw 200,000 and 184,000 square feet of positive absorption respectively.
  • The weighted average asking net rental rates rose to $32.40, an 8% increase quarter over quarter. The price per square foot in Q4 averaged $756.00 a square foot.
  • Sublease space made up 35.0% of all available space in the Downtown markets in the previous quarter before dropping to 27.0% in Q4. In comparison, 29.7% of available space in Suburban markets is sublease space. The Vancouver Periphery and Burnaby markets account for 78.5% of all available sublease space in the Suburban markets.



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Vancouver Office Market Report Q4 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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Leo Lee

Director, National Research Operations | Canada

Toronto West

Leo Lee is the Director of National Research Operations | Canada and oversees the strategic direction and operations of Colliers Canada Research. He focuses on developing the capabilities of the national research team that leverages Colliers' best-in-class market intelligence and platforms to provide clients with valuable market insights.

Leo joined Colliers International in 2008 and was most recently the Regional Director of Research for Eastern Canada.

He has over 10 years of experience in the real estate market across Canada and New Zealand and draws on his professional experience as a commercial appraiser and real estate consultant.

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