• Metro Vancouver experienced a substantial increase in overall office vacancy to 4.6%, 70-basis point (bps) more than in Q1 2020.
  • Downtown vacancy grew for the first time in years, now at 3.3%, largely attributed to sublease supply soaring, as firms look to reduce costs.
  • Suburban markets registered a 40-bps increase to 6.0% as a result of flat leasing velocity and negative absorption.
  • Metro Vancouver remains a highly competitive office market with the lowest overall vacancy in Canada.