The Greater Vancouver Area vacancy rate remained stable at 5.9%. The weighted average asking net rental rates rose to $32.90, a 2% increase quarter over quarter.
- Q1 2022 saw 140,000 square feet of new office space come to market while there is 1.9 million square feet scheduled for delivery in 2022.
- In Q1, 66% of all vacant listings in Downtown markets were below 5,000 square feet. In comparison, 75% of vacant listings were below 5,000 square feet across all suburban markets.
- Available sublease space increased by 17% in the Downtown markets quarter-over-quarter after decreasing for consecutive quarters. Shopify added over 70,000 square feet of sublease space alone with their listing at 1055 Dunsmuir.