The Greater Vancouver Area vacancy rate rose by 50 basis points to 6.5% quarter over quarter. High-quality space remains in demand as AAA and Class A buildings continue to see the lowest vacancy rates at 2.0% and 5.7% respectively.
- The weighted average asking net rental rates rose to $29.04, an 5% increase quarter over quarter. The price per square foot in Q2 averaged $744.00 a square foot, an increase of 2.6% increase quarter over quarter.
- Sublease space made up 45% of all available space in the Downtown markets in the previous quarter before dropping to 37% in Q2. In comparison, 26% of available space in Suburban markets is sublease space. Burnaby accounts for 46% of all available sublease space in the Suburban markets.
- Q2 2021 saw an increase in leasing activity, as many businesses begin to prepare to welcome employees back to the office in a safe manner.