VANCOUVER

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Last Updated: January 2020

Key Market Statistics

Downtown Vancouver - All Office Classes

Major Developments

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Announcements:

Major Transactions:

  • Amazon new tenant of 669,304 SF at 349 West Georgia Street, Vancouver
  • PI Financial Corporation new tenant of 45,000 SF at 733 Seymour Street, Vancouver
  • Stantec renewal of 54,000 SF at 111 Dunsmuir Street, Vancouver
  • Dale Matheson Carr-Hilton Labonte LLP renewal of 39,243 SF at 1140 W Pender Street, Vancouver

Downtown Vancouver Vacancy Rates - All Office Classes

Source: Altus Insite

Metro Vancouver Market Statistics - A Class

Source: Altus Insite & Devencore Research

Market Commentary:
“Downtown Vancouver has seen net rent increase by over $5 per rentable square foot during the last 2 quarters, as the vacancy rate continues to diminish, currently standing at sub 2%. Although there are several redevelopment projects in the works, they are either almost entirely slated for completion well after 2020, already preleased, or both. As a result, we anticipate an even more tenant challenged market over the next 24 months.”

Jon T. Bishop

President, Western Region

Contact

Andra Nedelcu
Vice President, National Communications & Marketing
anedelcu@devencore.com

604.697.3060

All information contained in this publication is derived from sources that are deemed to be reliable. However, Devencore has not verified any such information, and the same constitutes the statements and representations only of the source thereof, and not of Devencore. Any recipient of this publication should independently verify such information and all other information that may be material to any decision that recipient may make in response to this publication, and should consult with professionals of the recipient's choice with regard to all aspects of that decision, including its legal, financial, and tax aspects and implications.