Metro Vancouver's Q2 2024 office vacancy rate rose to 10.4% due to increased supply from new developments.
Metro Vancouver's Q2 2024 office vacancy rate rose to 10.4%, up 0.3% from the previous quarter due to increased supply from new developments like a 32-storey tower. Downtown vacancy rates climbed from 12.5% to 12.8%. However, a development drought may stabilize the trend, as new construction remains limited and companies outgrow shared office spaces, leading landlords to offer incentives and free rent to retain tenants. Approximately 3.7 million sq ft from 32 office projects is expected to enter the market in the next three years, mainly in suburban areas.
August 16, 2024
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