Vancouver Office Market Report

Office market showing signs of stabilizing. Though conditions remain fragmented across both location and asset quality, overall vacancy has begun to level off. Over the past two years, vacancy has largely stabilized at around 9.5 per cent, one of the lowest rates in North America. That said, the Downtown core faces near-term challenges tied to large-block availability and tenant consolidation. Upcoming space returns — most notably from major occupiers like Amazon rationalizing footprints — are expected to create intermittent volatility in absorption through 2026. Meanwhile, small- to medium-sized firms are playing a greater role in driving leasing activity. At the same time, leasing demand remains highly selective, with tenants prioritizing newer, higher-quality buildings, while older product continues to face elevated vacancy and slower leasing velocity.