{"id":10884,"date":"2018-11-18T10:10:39","date_gmt":"2018-11-18T18:10:39","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10884"},"modified":"2018-11-16T16:10:10","modified_gmt":"2018-11-17T00:10:10","slug":"vancouvers-office-space-pushed-down-vacancy-level","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/vancouvers-office-space-pushed-down-vacancy-level\/","title":{"rendered":"Vancouver&#8217;s Office Space Pushed Down Vacancy Level"},"content":{"rendered":"<p style=\"text-align: justify;\">The latest Altus Group analysis found that demand for Vancouver\u2019s office spaces significantly pushed down vacancy from a near-record level of almost 11% in mid-2016 to around the 7% range in the middle of this year.<\/p>\n<p style=\"text-align: justify;\">This was even more pronounced in the downtown area, which saw vacancy shrink from 7% a year ago to below 5% in mid-2018.<\/p>\n<p style=\"text-align: justify;\">However, the Vancouver Flash Report 2018 noted that Vancouver\u2019s office space supply received approximately 1.3 million square feet of new additions over the past 8 quarters, which was only less than half the amount injected in the market from mid-2014 to mid-2016.<\/p>\n<p style=\"text-align: justify;\">Moreover, this paled in comparison to the 5 million sq. ft. of new industrial space that Vancouver had from mid-2016 to mid-2018.<\/p>\n<p style=\"text-align: justify;\">Fortunately, the nearly 2.8 million sq. ft. of office space under construction as of mid-2018 is expected to keep up with demand. The new additions would comprise 2 years of supply, taking into account the annual absorption trends from 2015 onwards.<\/p>\n<p style=\"text-align: justify;\">A late October report by RE\/MAX Western Canada indicated that sustained investment by major technology firms will propel the Vancouver office market for the foreseeable future.<\/p>\n<p style=\"text-align: justify;\">With leading tech companies like Amazon and WeWork steadily growing their footprints in Vancouver, commercial demand will enter a boom period of pitched activity, according to RE\/MAX Western Canada regional executive vice president Elton Ash.<\/p>\n<p style=\"text-align: justify;\">Further expansion across Western Canada by these firms is also expected for the rest of the year and throughout 2019.<\/p>\n<p style=\"text-align: justify;\">\u201cInvestment by major companies like Amazon in Calgary and Greater Vancouver is evidence that commercial real estate \u2013 office space specifically \u2013 in Western Canada remains a hot commodity,\u201d Ash said.<\/p>\n<p style=\"text-align: justify;\">\u201cAs Canada continues to push further ahead in areas like technology, investors both domestic and abroad see the potential for growth here and are willing to call Canada home.\u201d<\/p>\n<p><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/vancouver-office-sector-to-see-good-inventory-falling-vacancy-250715.aspx\" target=\"_blank\" rel=\"noopener\">Vancouver Office Sector to See Good Inventory, Falling Vacancy<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The latest Altus Group analysis found that demand for Vancouver\u2019s office spaces significantly pushed down vacancy from a near-record level of almost 11% in mid-2016 to around the 7% range &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/vancouvers-office-space-pushed-down-vacancy-level\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10884","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver&#039;s Office Space Pushed Down Vacancy Level &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/vancouvers-office-space-pushed-down-vacancy-level\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver&#039;s Office Space Pushed Down Vacancy Level &#8226; 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