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Vancouver Office Market Report Q4 2023

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research article

The final quarter of 2023 in the Greater Vancouver Area (GVA) office market was quiet, with little movement in the top-line vacancy rate of 8.6%.

  • Beneath the surface there was more activity, Q4 saw positive absorption of 602,528 square feet, almost fully reversing the negative absorption in the previous quarter, due to the 71% pre-leasing in place of new supply delivered and the net reduction of sublease space for lease.
  • The significant influx of sublease space following the onset of the pandemic as companies adopted hybrid work arrangements and looked for opportunities to cut costs, has been steadily decreasing during 2023.

Vancouver Office Market Report Q4 2023

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Pour plus d’informations, veuillez contacter:

Kirk Kuester

Executive Managing Director | British Columbia

Vancouver - Rogers Tower

Kirk is Executive Managing Director of Colliers International's British Columbia brokerage operations and has been active in the Western Canadian commercial real estate industry since 1983.  After commencing his career in Calgary, Kirk relocated to Vancouver and joined Colliers in 1988.  Kirk spent 14 years as a professional in the capital markets area where he was a market leader in the real estate debt, equity and investment markets.  In 2002, Kirk assumed the role of Managing Director for the Colliers Vancouver office.

As Executive Managing Director, Kirk is responsible for development and execution of Colliers business strategy in the Province which includes six offices and approximately 200 team members. As an established leader in the commercial real estate industry, Kirk is known for his vast network of contacts and relationships, his extensive market knowledge and insight as well as his expertise in leading a high-performance, client-focused, professional real estate service business. Kirk is committed to the development of an operating platform in British Columbia that enables Colliers professionals to offer strategic, innovative and insight-based real estate solutions.  Kirk is an advocate of Colliers commitment to technology and data in support its professionals and their decision making and project execution; Net Promotor Score in support of the companies commitment to service excellence and client loyalty; innovative property marketing strategies; and, AON Hewitt in support of its commitment to high employee engagement.

Kirk’s functional priorities are strategic planning and leadership, business development, professional development, platform development, recruiting, financial management and performance, market identity and public relations, employee engagement and compliance.  Kirk also takes an active role in the support, oversight and facilitation of the companies major property listings, occupier mandates and other major project based initiatives.

Kirk has served on various planning and advisory committees in Vancouver, including United Way, Vancouver Community College, BCIT and the Blue Ribbon Council on Vancouver’s Business Climate Strategy. He is also a member of the Capital Campaign Executive Committee for Covenant House Vancouver.

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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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