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Vancouver Office Market Report Q1 2021

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research article

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.

Vancouver Office Market Report Q1 2021

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Pour plus d’informations, veuillez contacter:

Roelof van Dijk

Senior Director, National Research & Analytics | Canada

Toronto Downtown

As Senior Director, Research & Analytics | Canada, Roelof leads the strategy and operation of Colliers Canada Research, delivering market intelligence initiatives that give Colliers and its clients a competitive advantage. He focuses on developing a high-performance national research team that leverages Colliers’ best-in-class market intelligence to produce relevant insights on local and national market and industry trends that inform client decisions, address market needs and support Colliers’ growth strategies.

Roelof has 15 years of experience covering the Canadian commercial real estate market. Prior to his career in commercial real estate, he also worked as a project manager and urban planning consultant for residential developers across the Greater Toronto Area.

Roelof is regularly cited in national publications, such as The Globe & Mail, CBC News, Bloomberg, Reuters, Maclean’s Magazine and the National Post, as well as in local outlets across Canada.

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