oct. 3, 2023
The Greater Vancouver Area (GVA) office market continued to see negative absorption in Q3 2023. The addition of a significant amount of office vacant space was added across all three submarkets, resulting in a rise in the vacancy rate to a six-year high of 8.6% in the GVA. Many businesses continue to optimize their office space requirements to adapt to the growing prevalence of hybrid work arrangements and the changing nature of in-office work. The GVA weighted average asking net rent decreased 1.0% to $34.49 per square foot in Q3 from the previous quarter, the first decrease in almost three years, as a direct consequence of the steady increase in vacancy over the last 18 months.
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