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Vancouver Office Market Report Q3 2023

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research article

The Greater Vancouver Area (GVA) office market continued to see negative absorption in Q3 2023. The addition of a significant amount of office vacant space was added across all three submarkets, resulting in a rise in the vacancy rate to a six-year high of 8.6% in the GVA.

  • Many businesses continue to optimize their office space requirements to adapt to the growing prevalence of hybrid work arrangements and the changing nature of in-office work.
  • The GVA weighted average asking net rent decreased 1.0% to $34.49 per square foot in Q3 from the previous quarter, the first decrease in almost three years, as a direct consequence of the steady increase in vacancy over the last 18 months.

Vancouver Office Market Report Q3 2023

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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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Leo Lee

Directeur national Opérations, Recherche | Canada

Toronto Downtown

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