Three-plus months into what can only be characterized as the most significant U-turn in the history of leasing markets, Vancouver’s office market is in a state of flux. Landlords and occupiers are both grappling with the seismic changes that have occurred since mid-March, many of which are still evolving. Both sides are trying to decide which are short-term adjustments, and which are here to stay. The prospect of a power shift from landlords to tenants is now very real. Going into the COVID-19 lockdown vacancy rates were at record lows, but already a doubling in vacancy is in the cards, and a tripling is not unthinkable. For now both sides are watching and waiting, but a tenants’ market may not be that far off.