Vacancy rates continue to trend downward, dropping from 5.0% in Q3 to 4.5% in Q4 to close the year. The last time office vacancy was under 5.0% was in 2008.
- Net rental rates are rising across most submarkets, with premium space in the downtown core edging above $50 per square foot at the end of 2018.
- There is 3.3 million square feet of new supply currently under construction across Metro Vancouver, 2.3 million of which is in the downtown core. Burrard Place and 400 West Georgia are the earliest expected deliveries for downtown office space, and they are not slated to complete until 2020.
- Over the last 18 month period, Metro Vancouver recorded $17.4 billion in commercial property sales.