November 5, 2026
Metro Vancouver Office Report Q3 2026
Market Highlights
Vacancy:
The Metro Vancouver office market recorded an increase in vacancy of 50 basis points (bps), bringing the overall rate to 12.2% in Q3 2026. This was led by the downtown market which posted a 90 bps increase, while suburban vacancy edged up by just 10 bps.
Net Absorption:
The region recorded 259,271 sq. ft. of negative net absorption. Downtown at -239,364 sq. ft., while suburban markets reaches -19,907 sq. ft. absorbed.
Class Trends:
While downtown Class AAA/A vacancy increased by 140 bps quarter-over-quarter, availability rose by just 30 bps.
Leasing Activity:
Downtown sublease vacancy increased by 19,390 sq.ft. quarter-over-quarter to 595,872 sq. ft., slightly above the five-year average of 591,764 sq.ft.
Net Rents:
Metro Vancouver’s average net asking rent was $32.50 PSF; Downtown averaged $35.19 PSF.
Under Construction:
There are 491,617sq. ft. of office projects underway across Metro Vancouver.
Insights you might also like...
Scoring Tech Talent 2025
Scoring Tech Talent is a comprehensive analysis of labor market conditions, costs and quality in North America for highly skilled tech workers that can help decision-makers fulfill critical business and innovation objectives.
Vancouver Office MarketView Q4 2021
Vacancy rates for all classes of office product in Metro Vancouver decreased by 40 basis points (bps) to 7.0% in Q4 2021 2021. Even though 543,000 sq. ft. of new office inventory was introduced this quarter, nearly three-quarters were pre-leased prior to construction completion.
Vancouver Office MarketView Q1 2022
Vacancy rates for all office product classes throughout Metro Vancouver dropped 10 basis points (bps) quarter-over-quarter to 6.9% in Q1 2022. This is the second consecutive quarterly decline since vacancy peaked at 7.4% in Q3 2021.
