“The overall vacancy rate for Metro Vancouver edged down to 5.4% in Q1 2018. This was the ninth quarter in a row that vacancy in Vancouver tightened. Continued low vacancy and competition for space has resulted in higher Net rents across most submarkets.”
- Tenant demand for Metro Vancouver exceeded 3.2 million square feet at the end of Q1 2018. Technology companies accounted for approximately 38% of demand, followed by the education sector at 13% and professional services at 12%.
- The Exchange Tower at 475 Howe Street, which currently accounts for the bulk of AAA vacancy in the downtown core, is rumored to have multiple offers on all remaining floors.
- The federal and provincial governments have reached a funding agreement regarding the Millennium Line Broadway Extension, and land procurement for the new Skytrain stations is expected to commence in 2018.