May 12, 2026

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Market Highlights

Vacancy:
Metro Vancouver recorded a quarter-over-quarter decline in vacancy of 60 basis points (bps), bringing the overall vacancy rate to 10.8% in Q1 2026. Vacancy decreased across both the suburban and downtown core markets; however, the suburban market posted the strongest improvement, with vacancy falling 120 bps to 9.1%, compared to a more modest 20 bps decline in the downtown core reaching 12.3%.

Net Absorption:
The region recorded 494,652 sq. ft. of positive net absorption. Downtown at 48,374sq. ft., while suburban markets reaches 446,278 sq. ft. absorbed.

Class Trends:
The bifurcation in vacancy between Downtown Class AAA & A and Class B &C inventory continued to widen in Q1 2026, marking the fourth consecutive quarter of increasing divergence between the two segments.

Leasing Activity:
The Metro Vancouver office market experienced 1.34 million sq. ft. of gross leasing activity in Q1 2026, up from 862,000 sq. ft. in the previous quarter. The Downtown market accounted for 40.0% of the total.

Net Rents:
Metro Vancouver’s average net asking rent was $31.88 PSF; Downtown averaged $35.66 PSF.

Under Construction:
There are 614,003 sq. ft. of office projects underway across Metro Vancouver.