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Vancouver Office Market Report Q4 2022

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research article

Throughout 2022, the Greater Vancouver Area office market continued to see positive absorption and a very stable vacancy rate, remaining unchanged at 5.9% in Q4, while the weighted average asking net rent increased by 21 cents (0.6%) to $34.25 per square foot in Q4.

  • Downtown received a significant influx of sublease space in Q4, around 460,000 square feet, resulting in an increase in the total vacancy rate from 7.0% in Q3 to 8.4% in Q4, as well as the total available space also increased by 22% quarter-over-quarter in Q4, resulting in a 10.7% of availability rate in the Downtown area.
  • As a consequence of the influx of sublease space in the office market, the rate of inducements has been improved by many landlords., such as offering rent-free periods and paying for leasehold improvements, to attract potential tenants and incentivize existing tenants into renting their headlease space and protect the value of their properties.
  • Vancouver is in the midst of an office construction boom, having completed 1.4 million square feet of new space in 2022, with a further 6.1 million square feet actively under construction across the entire GVA.

Vancouver Office Market Report Q4 2022

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Pour plus d’informations, veuillez contacter:

Adam Jacobs

Head of Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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