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Vancouver Office Market Report Q2 2022

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research article

The GVA Office Market continued to move in Q2 2022 with constrained supply, limiting options for high demand office opportunities. The Greater Vancouver Area vacancy rate remained stable at 5.8%. The weighted average asking net rental rates rose to $33.30, an increase of 1.2% quarter over quarter.

  • Downtown Vancouver saw vacancy rate go up, now at 7.4% compared to 7.2% in the previous quarter. This was the result of positive absorption of 279,287 square feet while 345,000 square feet of new inventory was added at Deloitte Summit (400 Georgia Street West) this quarter, exceeding what was taken up by the growth in occupancy, causing vacancy to go up.
  • Sublease space remains attractive this quarter and sublease listings continue to make up a significant portion of available space. Of available space in the downtown markets, 26% is sublease space, down by half from a pandemic peak of 53% in Q2 2020.
  • The next round of development projects is starting to move forward with 1166 West Pender, a 32-storey development of 344,000 square feet, by Hines and Reliance Properties, being the first out of the gate, going ahead completely on spec.

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Vancouver Office Market Report Q2 2022

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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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Adam Jacobs

Senior National Director, Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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