Vancouver downtown office vacancies hit highest level in nearly 20 years

The September 28 Colliers report found that the office vacancy rate in Metro Vancouver had climbed to 11.9% in the 3rd quarter of 2023, the highest rate in nearly 20 years. Despite these obstacles, asking rents remain high due to redevelopment and concessions beyond rent. The health-care sector was the leader for office demand in the region, with more than 560,000 sq ft of office space sought in the 3rd quarter. Meanwhile, construction posted the lowest demand and has been the top source of job losses.