The Greater Vancouver Area vacancy rate contracted by 30 basis points to 5.9% quarter over quarter, while weighted average asking rents continued to grow quarter over quarter.
- High-quality space remains in demand as AAA and A Classes saw positive absorption, but were out paced by B and C Classes which saw 200,000 and 184,000 square feet of positive absorption respectively.
- The weighted average asking net rental rates rose to $32.40, an 8% increase quarter over quarter. The price per square foot in Q4 averaged $756.00 a square foot.
- Sublease space made up 35.0% of all available space in the Downtown markets in the previous quarter before dropping to 27.0% in Q4. In comparison, 29.7% of available space in Suburban markets is sublease space. The Vancouver Periphery and Burnaby markets account for 78.5% of all available sublease space in the Suburban markets.