Recent studies are showing a decreasing vacancy rate in commercial and office properties in Greater Vancouver.
One study found that by 2019 Greater Vancouver will experience the second lowest vacancy rate in the Western Hemisphere at 6.9%, combined with one of the 10 fastest growing office markets in the Americas. This is in spite of the fact that Vancouver has added 2.3 million square feet of new office space between 2015 and 2017. As a Cushman & Wakefield states, the most significant wave of new development in the last 25 years is being driven by the strength in the technology sector, which is snapping up space in the B and C class buildings, causing an overall large increase in the market demand.
