skip to Main Content

Vancouver tied with Toronto for hottest office market in North America: report

By Joannah Connolly for Glacier Media Real Estate

Vancouver has been declared the one of the hottest office markets in North America, tied with Toronto, with downtown office vacancy rates plummeting, according to a July 9 report.

CBRE’s Canada Q2 Quarterly Statistics Report said that downtown Vancouver’s office vacancy rate was 2.6 per cent in 2019’s second quarter, down from 4.7 per cent one year previously and now equal to Toronto. The third most-sought-after office space in North America is in San Francisco, where the vacancy rate is 3.6 per cent.

Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis

Sign up for insider real estate news & tips from our podcasting team.

Are you a realtor? Click here
Selling Your Home? Click here

  • Reload
  • Should be Empty:

The average vacancy rate for downtown office space across Canada in Q2 was 10.1 per cent, according to CBRE.

In terms of new office developments downtown, 46 per cent of the 3.9 million square feet of office space scheduled for completion by 2023 has already either been leased or is under contract.

The report said that the record demand is resulting record-high rental rates. Vancouver’s average Class-A downtown office rents increased to a record $44.00 per square foot (psf) in Q2, up from $42.02 psf the previous quarter.

Continue reading the full story here >>

This Post Has 0 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

As Seen and Heard On

Media enquiries and press contact info:

© 2020 Matt Scalena PREC* & Adam Scalena PREC* , all rights reserved • Site MapBy Line49 Web Design, Vancouver BC

*Considering a real estate transaction? One of the first decisions you will need to make is whether you should work with a licensed real estate professional who will represent you. Take a moment to read this important consumer protection information from the Real Estate Council of BC. This form explains the special legal duties that real estate professionals owe to their clients. CLICK HERE and please call 778-847-2854 or 778-866-4574 immediately if you would like to discuss.

Back To Top