January 29, 2026
Metro Vancouver Office Report Q4 2025
Market Highlights
Vacancy:
Metro Vancouver vacancy rose slightly to 11.6%, with Downtown at 12.8%. Suburban markets remained tighter, led by the North Shore at 2.3%.
Net Absorption:
The region recorded 131,572 sq. ft. of positive net absorption. Downtown remained soft at –38,147 sq. ft., while suburban markets offset losses with 169,719 sq. ft. absorbed.
Class Trends:
Downtown Class B and C remained elevated at 19.8% and 14.5% vacancy. Class AAA and A held firmer at 9.1% and 9.6%.
Leasing Activity:
Gross leasing reached 368,840 sq. ft. in Q4, totaling 2.67M sq. ft. for 2025. Downtown captured the majority of the quarter’s activity.
Net Rents:
Metro Vancouver’s average net asking rent was $34.00 PSF; Downtown averaged $36.36 PSF.
Under Construction:
There are 594,641 sq. ft. of office projects underway across Metro Vancouver.
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