Vacancy rates have decreased for the 13th consecutive quarter to 3.1% resulting in a 50 basis point drop since the second quarter of 2019
Vacancy rates have decreased for the 13th consecutive quarter to 3.1% resulting in a 50 basis point drop since the second quarter of 2019 demonstrating further tightening in the Metro Vancouver office market.
- Vacancy in the Central Business District (CBD) decreased 40 basis points from 2.5% to 2.1% while the overall market awaits the arrival of new supply.
- The third quarter ended with positive absorption at 333,991 square feet, most of which originated from the suburban markets at 194,394 square feet while Downtown core absorbed 128,865 square feet.
