Q4 2024 Vancouver Office Market Report

Fourth quarter market conditions continued to be little changed from the previous quarter, with below normal leasing activity and a further rise in vacancy. Relative to many other North American cities however, Vancouver’s office market continues to perform well, with a healthy number of mid, to large lease deals recorded during the quarter, highlighting the resilience of the local market. This was reflected in availability rates, which fell during the quarter in all but one submarket. For the bellwether downtown market, the availability rate fell 80 basis points to finish the quarter at 14.8%. On the supply side just two developments were completed: 978 Granville Street, and 110 East 5th Ave (Main Alley), both in the City of Vancouver. The proliferation of show suites shows no sign of slowing and is being quickly introduced by a rising number of landlords. While leasing markets show signs of stabilizing, the possibility of damaging US tariffs is not to be trivialized.