The office market in Greater Vancouver saw a higher vacancy rate in the fourth quarter of last year, rising 1.2 percentage points annually to 9.8 per cent, according to commercial real estate services firm Colliers Macaulay Nicolls Inc.
The higher vacancy rate, along with the negative absorption of 67,000 square feet in Q4, was due to “uncertain market conditions and companies considering their office utilization strategy,” Colliers said in its quarterly Vancouver office market report released Jan. 13.
Absorption is the sum of square feet that become occupied, minus the sum of square feet that become vacant, in a given period.
Colliers said demand for Greater Vancouver office space has been
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