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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.
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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.