3 November, 2020

Vancouver Office MarketView Q3 2020


Market Highlights

  • Metro Vancouver office vacancy increased for the second successive quarter to 5.4%
  • Downtown vacancy rose by 130 basis points (bps) compared to Q2 2020 (now 4.6%)
  • Vacancy in suburban market settled at 6.3%, 30 bps over Q2 2020
  • Metro Vancouver remained the tightest office market in Canada

Economics

  • Real GDP in Q2 fell 11.5% compared to Q1. July registered a 3% growth in GDP month-over-month
  • British Columbia’s Consumer Price Index fell 0.2% in August over July 2020 (+0.1% for Canada)
  • Statistics Canada estimated BC’s unemployment rate at 8.4% in September and 9.0% nationally
  • Bank of Canada maintained its target rate at 0.25% in September

 

By: The HTFG