Q1 2025 Vancouver Office Market Report

First quarter market conditions were little changed from the previous quarter, with modest leasing activity and a slight rise in vacancy. Overall, Vancouver’s office market continues to perform well, with a healthy number of mid-size lease deals recorded during the quarter, highlighting the resilience of the local market. This was reflected in only a small rise in the metro availability rate, finishing the quarter at 11.9%. For the noteworthy downtown market, the availability rate increased 10 basis points to finish the quarter at 14.9%. On the supply side, no new developments were completed. Under construction activity held steady, with most development occurring in the Broadway Corridor submarket, the City of Vancouver (not including Downtown/Broadway), and Surrey. The proliferation of show suites shows no sign of slowing and is being quickly adopted by many landlords. While the office leasing market could be described as steady, there are growing signs of a possible recession.