15 November, 2019

Vancouver Office Marketview Q3 2019


Market Highlights

  • The Metro Vancouver office market continued to tighten due to constrained supply, hitting a record low of 3.8% in Q3.
  • The Downtown vacancy rate fell 20 basis points (bps) quarter-over-quarter to 2.4%. This downward trend is expected to continue with limited supply and significant preleasing activity.
  • The suburban markets continued to face robust demand with vacancy reduced to 5.2%, 60 bps quarter-over-quarter, a new all-time low.
  • In September 2019, the BC Ministry of Transportation announced the location of six proposed Skytrain stations on the Broadway Extension. The extension of the Millennium Line will connect False Creek and Mount Pleasant on rapid transit. Construction is set to begin by late 2020 and complete in 2025.

Economics

  • As of July 2019, Canada’s GDP stayed unchanged month-over-month and is up 1.3% year-over-year.
  • Statistics Canada reported a 2.0% year-over-year increase in BC’s Consumer Price Index in August 2019.
  • In September 2019, the Bank of Canada leaves overnight rate target unchanged at 1.75%.
  • In August 2019, BC’s unemployment rate increased 60 bps month-over-month to 5.0%, the second-lowest in Canada.

 

 

By: The HTFG