The Greater Vancouver office market is seeing a steady increase of sublease space during the Covid-19 pandemic. This has led to a second consecutive quarter of negative absorption. Although vacancy is increasing, the average gross rental rate saw a small increase of 1%.
- Greater Vancouver has seen an increase in office vacancy of 110 bps to 4.1%, back up to levels that have not been seen since Q4 2018.
- Downtown has seen the largest amount of sublease space come to market; 40% of all space is now attributed to sublease.