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Vancouver Office Market Report Q1 2022

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research article

The Greater Vancouver Area vacancy rate remained stable at 5.9%. The weighted average asking net rental rates rose to $32.90, a 2% increase quarter over quarter.

  • Q1 2022 saw 140,000 square feet of new office space come to market while there is 1.9 million square feet scheduled for delivery in 2022.
  • In Q1, 66% of all vacant listings in Downtown markets were below 5,000 square feet. In comparison, 75% of vacant listings were below 5,000 square feet across all suburban markets.
  • Available sublease space increased by 17% in the Downtown markets quarter-over-quarter after decreasing for consecutive quarters. Shopify added over 70,000 square feet of sublease space alone with their listing at 1055 Dunsmuir.



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Vancouver Office Market Report Q1 2022

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For More Information, Please Contact:

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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