Metro Vancouver office vacancy rates increase amid development slowdown

Metro Vancouver’s office vacancy rate continues to climb, but a development drought suggests this trend will level off.

The vacancy rate rose to 10.4 per cent in Q2 2024, a slight increase of 0.3 per cent from the last quarter, according to a Aug. 14 report from real estate services firm Avison Young Canada. 

Downtown vacancy rates jumped from 12.5 per cent to 12.8 per cent quarter over quarter, a direct result of significant new supply from the completion of a 32-storey 534,000-square-foot office tower on West Pender Street known as B6.

Other large downtown spaces over 100,000 square feet have also hit the market, increasing availability from 7.8

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