Although there are reasons for optimism, the pandemic continues to affect the GVA office market. With the roll out of the vaccine tour activity has increased. Deals are materializing slowly as there is still a level of uncertainty of how much office space will be needed moving forward and how it will be utilized.
- The Q1 overall availability rate remained at 7.0%, while the average asking net rental rate across the Greater Vancouver Area was $25.86 seeing a modest decrease of 1.0% quarter over quarter.
- Sublease space makes up 40% of all available space in the Downtown market, in comparison 29% of available space in Suburban markets is sublease space. Burnaby leads all suburban markets in available sublease space.
- Although the COVID-19 pandemic has created uncertainty about how much space tenants will need moving forward, construction has remained steady with the Downtown Vancouver market scheduled to see over one million square feet of new AAA office space in 2021.