The Metro Vancouver office market experienced strong momentum with just under 1.7M sq. ft. of gross leasing occurring across the seven markets. The vacancy rate experienced a marginal decrease from last quarter to arrive at 6.1% and has not been at such low levels since the fourth quarter of 2008
Downtown Vancouver’s vacancy rate maintained its position at 4.7%. Leasing velocity increased 46% over last quarter, with 886,552 sq. ft. changing hands. Class AAA rates increased by 3% quarter over quarter and an even more noteworthy 36% year over year - to close at $41.65
The suburban market fell to a record-breaking 7.5% vacancy rate, down 60 bps q-o-q. Vacancy decreased consistently in all 4 building classes while overall net asking rates continued to climb - finishing at $21.89 per sq. ft.