{"id":23486,"date":"2024-03-07T10:10:00","date_gmt":"2024-03-07T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23486"},"modified":"2024-02-28T11:12:39","modified_gmt":"2024-02-28T19:12:39","slug":"metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/03\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\/","title":{"rendered":"Metro Vancouver Commercial Real Estate to Be More Active as Interest Rate Cuts Take Hold"},"content":{"rendered":"<p style=\"text-align: justify;\">Just a few weeks into the year, optimism regarding Metro Vancouver\u2019s real estate outlook is muted.<\/p>\n<p style=\"text-align: justify;\">The first quarter has yet to deliver the level of activity many brokers anticipated, and many now anticipate better times to occur after mid-year.<\/p>\n<p style=\"text-align: justify;\">\u201cGenerally, people feel better about this year, but it\u2019s been a slower Q1 than we were expecting,\u201d said Jason Kiselbach, executive vice-president and managing director with CBRE Ltd. in Vancouver. \u201cWe\u2019re still projecting that the back half of year is going to be really active both in sales and leasing as we start to get the direction of changes on interest rates. That will get people off the sidelines and more deal activity starting up.\u201d<\/p>\n<p style=\"text-align: justify;\">Most observers don\u2019t expect any cuts to interest rates before the Bank of Canada\u2019s announcement on Apr. 10, when it will also deliver a monetary policy report. Additional announcements will follow on June 5 and July 24, by which time most observers expect cuts to be in play.<\/p>\n<p style=\"text-align: justify;\">CBRE\u2019s real estate market outlook, released Feb. 27, expects cuts June 5, with a percentage point drop in the following six months to put the central bank\u2019s policy rate at 4% by the end of the year.<\/p>\n<p style=\"text-align: justify;\">\u201cThat would really move the dial in terms of urgency in the market, deal activity,\u201d Kiselbach said.<\/p>\n<p style=\"text-align: justify;\">The deals that get done will give investors a read on the state of the market. A few big deals are set to complete in the next few weeks, such as the sale of 402 Dunsmuir Street and 401 West Georgia Street, which will help the market get a read on the value of major assets in the current environment. A few major land transactions are also in the offing after a year of crickets.<\/p>\n<p style=\"text-align: justify;\">\u201cNothing traded, so you don\u2019t know the value of properties,\u201d Kiselbach said. \u201cI think Q1, Q2 is going to be about some of these deals finally closing, and getting a better read on what some of these properties are worth.\u201d<\/p>\n<p style=\"text-align: justify;\">On the leasing side, office vacancies are stable while the industrial market continues to right-size.<\/p>\n<p style=\"text-align: justify;\">\u201cVacancies are at the top of where they\u2019re going to go,\u201d Kiselbach said of the office market in the core. \u201cEvery week our office group says tour activity is picking up, there\u2019s a few more offers starting to be drafted.\u201d<\/p>\n<p style=\"text-align: justify;\">With no new supply in the pipeline for downtown, the activity points to vacancies continuing the decline initially reported in the final quarter of 2023. CBRE\u2019s forecast calls for downtown vacancies to end 2024 at 10.9%, offset by softer conditions in the suburbs where space continues to complete but absorption is slower.<\/p>\n<p style=\"text-align: justify;\">On the industrial side, vacancies also increased last year, thanks in part to the addition of 7.2 million square feet, the most ever delivered in a single year, coupled with a pullback in demand.<\/p>\n<p style=\"text-align: justify;\">This year, new space is estimated at 4.5 million square feet, while vacancies will rise to 4.3% prior to coming down in 2025.<\/p>\n<p style=\"text-align: justify;\">\u201cThe supply side is starting to slow down, the activity is picking up from tenants and purchasers, so you\u2019ll see a normalization of vacancy.\u201d<\/p>\n<p><a href=\"https:\/\/www.biv.com\/news\/real-estate\/metro-vancouver-commercial-real-estate-continues-to-stabilize-8365845\" target=\"_blank\" rel=\"noopener\">Metro Vancouver Commercial Real Estate Continues to Stabilize<\/a> by Peter Mitham | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just a few weeks into the year, optimism regarding Metro Vancouver\u2019s real estate outlook is muted. The first quarter has yet to deliver the level of activity many brokers anticipated, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/03\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\/\">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":[8,13],"tags":[],"class_list":["post-23486","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver Commercial Real Estate to Be More Active as Interest Rate Cuts Take Hold &#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\/2024\/03\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Commercial Real Estate to Be More Active as Interest Rate Cuts Take Hold &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Just a few weeks into the year, optimism regarding Metro Vancouver\u2019s real estate outlook is muted. The first quarter has yet to deliver the level of activity many brokers anticipated, &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/03\\\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/03\\\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Metro Vancouver Commercial Real Estate to Be More Active as Interest Rate Cuts Take Hold\",\"datePublished\":\"2024-03-07T18:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/03\\\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\\\/\"},\"wordCount\":544,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\",\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/03\\\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/03\\\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/03\\\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\\\/\",\"name\":\"Metro Vancouver Commercial Real Estate to Be More Active as Interest Rate Cuts Take Hold &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2024-03-07T18:10:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/03\\\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/03\\\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/03\\\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Metro Vancouver Commercial Real Estate to Be More Active as Interest Rate Cuts Take Hold\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Metro Vancouver Commercial Real Estate to Be More Active as Interest Rate Cuts Take Hold &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2024\/03\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\/","twitter_card":"summary_large_image","twitter_title":"Metro Vancouver Commercial Real Estate to Be More Active as Interest Rate Cuts Take Hold &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Just a few weeks into the year, optimism regarding Metro Vancouver\u2019s real estate outlook is muted. The first quarter has yet to deliver the level of activity many brokers anticipated, &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2024\/03\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2024\/03\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Metro Vancouver Commercial Real Estate to Be More Active as Interest Rate Cuts Take Hold","datePublished":"2024-03-07T18:10:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2024\/03\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\/"},"wordCount":544,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates","Real Estate"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2024\/03\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2024\/03\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\/","url":"https:\/\/www.roryc.ca\/blog\/2024\/03\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\/","name":"Metro Vancouver Commercial Real Estate to Be More Active as Interest Rate Cuts Take Hold &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2024-03-07T18:10:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2024\/03\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2024\/03\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2024\/03\/metro-vancouver-commercial-real-estate-to-be-more-active-as-interest-rate-cuts-take-hold\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Metro Vancouver Commercial Real Estate to Be More Active as Interest Rate Cuts Take Hold"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/23486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=23486"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/23486\/revisions"}],"predecessor-version":[{"id":23488,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/23486\/revisions\/23488"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=23486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=23486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=23486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}