Skip to Content
View site list

Profile

Pre-Bid Projects

Pre-Bid Projects

Click here to see Canada’s most comprehensive listing of projects in conceptual and planning stages

Economic

Metro Vancouver office market report shows cautious optimism

DCN-JOC News Services
Metro Vancouver office market report shows cautious optimism

VANCOUVER – An NAI Commercial office market report said Metro Vancouver continues to see a slight turn towards optimism and away from uncertainty.

The report also cautioned while COVID-19 is no longer the dominant concern, monetary policy and continued geopolitical instability continues to shape economic and real estate developments.

On a regional level, the report said, 2023 saw British Columbia’s worst wildfire season in provincial history, resulting in evacuation orders and damage to properties.

“As we look ahead to 2024, the Metro Vancouver office market and the broader economic landscape appear poised for changes, with potential adjustments in interest rates, global economic shifts and ongoing regional challenges. These factors will continue to shape the commercial real estate market and its prospects in the coming year,” the report said.

It noted substantial changes in the real estate market compared to Q4 2022. Downtown Vancouver office availability rose from 14.4 per cent to 16.1 per cent with the Class A availability rate going from 14.3 per cent to 15.43 per cent and Class B increasing from 15.4 per cent to 19.51 per cent.

The suburban market went from 6.7 per cent in 2022 to 8.1 per cent, with a Class A availability rate of nine per cent up from seven per cent the previous year and B Class went from 6.7 per cent last year up to 6.9 per cent this year. Burnaby was the leading submarket with an inventory of 10.27 million square feet and the highest availability rate at 10 per cent, compared to 7.7 per cent the previous year.

Richmond is the next largest market with 4.91 million square feet and an availability rate of 8.6 per cent, up from 5.8 per cent last year, while Surrey is the third largest with 4.54 million square feet and an availability rate of 7.3 per cent, compared to seven per cent the previous year.

The complete report can be viewed here.

Recent Comments

Your comment will appear after review by the site.

You might also like