September 3, 2026

Market Highlights

Vacancy:
The Metro Vancouver office market recorded an increase in vacancy of 80 basispoints (bps), bringing the overall rate to 11.6% in Q2 2026. This vacancyincrease was led by the suburban market which posted a 190 bps increase.

Net Absorption:
The region recorded 410,338 sq. ft. of positive net absorption. Downtown at54,688 sq. ft., while suburban markets reaches 307,276 sq. ft. absorbed.

Class Trends:
The bifurcation in vacancy between Downtown Class AAA/A and Class B/C remainedstable in Q2 2026. This marks the first period in nine quarters which the gapbetween the two segments did not increase.

Leasing Activity:
Downtown sublease vacancy declined by 49,851 sq. ft. quarter-over-quarter to576,482 sq. ft., slightly below the five-year average of 605,725 sq. ft.

Net Rents:
Metro Vancouver’s average net asking rent was $31.20 PSF; Downtown averaged $34.93PSF.

Under Construction:
There are 491,617sq. ft. of office projects underway across Metro Vancouver.