Downtown Vancouver no longer has Canada’s lowest office vacancy rate for a major city centre

Downtown Vancouver no longer has the lowest office vacancy rate amongst Canada's largest city centres. According to a new market update by Colliers International, downtown Toronto has the lowest rate of 11% in the third quarter of 2023, while downtown Vancouver's is 11.9%. This is the highest office vacancy rate in downtown Vancouver for about 20 years, and is driven by semi-remote work arrangements, the changing nature of in-office work, and new office space completions. Metro Vancouver's total office vacancy rate is the lowest amongst Canada's 10 largest urban regions, but has the highest sublet as a percentage of vacancy.