The Greater Vancouver Area vacancy rate contracted by 30 basis points to 6.2% quarter over quarter, while weighted average asking rents continued to grow quarter over quarter.
- High-quality space remains in demand as AAA and Class A buildings continue to see the lowest vacancy rates at 2.3% and 5.0% respectively.
- The weighted average asking net rental rates rose to $29.92, a 3% increase quarter over quarter. The price per square foot in Q3 averaged $831.00 a square foot.
- Sublease space made up 37% of all available space in the Downtown markets in the previous quarter before dropping to 35% in Q3. In comparison, 28% of available space in Suburban markets is sublease space. The Vancouver Periphery market accounts for 43% of all available sublease space in the Suburban markets.