A building boom helped push downtown Vancouver\u0027s office vacancy rate to 9.8 per cent while Metro \u0027s suburban markets fell to 5.9 per cent.
That helped push downtown’s office vacancy rate up to 9.8 per cent, according the commercial realtor CBRE’s fourth-quarter report, at the same time Metro Vancouver’s suburban vacancy rate was squeezed down almost half a percentage point to 5.9 per cent.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“It’s definitely a factor, it’s such a mixed response, based on industry and types of companies,” Kiselbach added. And the market is likely to remain in flux while employers continue to work out their needs. CBRE competitor Colliers, in its third-quarter report, noted that the vacancy rate downtown for the months of July through September, seven per cent at their count, was already above Vancouver’s pre-pandemic vacancy rates, but that presented “a more balanced market,” giving tenants better options for expansion or relocation.
Even as companies are re-assessing office needs, and if more employers move to three days in-office hybrid work schedules, “that space is still needed,” Yu said. So he doesn’t expect office vacancies to dramatically increase.
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