Metro Vancouver office vacancy rates increase amid development slowdown

Office vacancy rates in Metro Vancouver rose to 10.4% in Q2 2024, up 0.3% from the previous quarter, according to a report. Downtown rates increased from 12.5% to 12.8%, driven by new supply from a large office tower. The availability of large downtown spaces grew from 7.8 million to 8.2 million square feet, with average rents at $56.12 per square foot. Despite a projected increase in market supply from upcoming projects, vacancy rates may stabilize due to a lack of new developments and high construction costs.