Canada Office Figures Q1 2022
Vancouver has seen improved fundamentals over the last two quarters and has developers pushing to keep up with demand as 3.7 million sq. ft. is currently under construction. Although 63.9% of this product has been pre-leased, numerous offers are in play for significant blocks of space which could drive this rate up.
Office vacancy continued to press upward after a brief reprieve at year-end, now 16.3%. A first for the Canadian office market, suburban vacancy now sits lower than downtown, albeit marginally. The outlook is optimistic with many businesses set to more formally return to in-person work soon.
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