![](https://hightech.cbrevancouver.com/wp-content/uploads/2024/03/MarketView-Q4-2023-1.jpg)
![](https://hightech.cbrevancouver.com/wp-content/uploads/2024/03/MarketView-Q4-20233-1.jpg)
![](https://hightech.cbrevancouver.com/wp-content/uploads/2024/03/MarketView-Q4-20232-1.jpg)
![](https://hightech.cbrevancouver.com/wp-content/uploads/2024/03/MarketView-Q4-20234-1.jpg)
Market Highlights
-
Following a period of significant development, the office pipeline is lightening, with some suburban projects on hold until economic uncertainty clears.
-
Class B net absorption has been negatively impacted downtown due to the transition out of older buildings and demand for Class AAA/A space as the flight to quality continues.
-
With Metro Vancouver recording Canada’s lowest vacancy rate of 9.4% and limited new supply in the coming years, rental rates are anticipated to rise as vacancies decline.
-
Suburban market listings drove sublease vacancy higher, though downtown performance remained stable, noting that overall sublease availability significantly decreased in Q4 2023.
-
Overall, the outlook for downtown’s office market is positive, with strong fundamentals supporting a sustained recovery.