{"id":25631,"date":"2025-04-09T10:10:04","date_gmt":"2025-04-09T17:10:04","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=25631"},"modified":"2025-04-05T09:16:47","modified_gmt":"2025-04-05T16:16:47","slug":"vancouver-downtown-office-quality-inventory-remains-in-high-demand","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2025\/04\/vancouver-downtown-office-quality-inventory-remains-in-high-demand\/","title":{"rendered":"Vancouver Downtown Office Quality Inventory Remains in High Demand"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver\u2019s downtown office vacancy rate kicked off the year in suspended animation, remaining unchanged between the first quarter of 2025 and the quarter prior.<\/p>\n<p style=\"text-align: justify;\">That\u2019s according to a recent report from Cushman &amp; Wakefield Inc., which determined the downtown office vacancy rate stood at 14% during those periods.<\/p>\n<p style=\"text-align: justify;\">This comes as tenants shifted around the market in a flight to quality, said Cushman research manager Svetlana Lebedeva.<\/p>\n<p style=\"text-align: justify;\">She said high-class office space is outperforming other assets, although with a recent flood of supply and subleases, downtown vacancy remains higher than in the suburbs.<\/p>\n<p style=\"text-align: justify;\">Lower than the downtown rate, the Vancouver region\u2019s vacancy rate for office buildings was 11.4% in Q1 2025, and as low as 3.3% on the North Shore and 4% in Langley.<\/p>\n<p style=\"text-align: justify;\">The region\u2019s tenants continue to make lateral moves or chase top-tier office space, Lebedeva said.<\/p>\n<p style=\"text-align: justify;\">\u201cWe see tenants relocating. A flight to quality is still ongoing, and it\u2019s been ongoing for quite a few years,\u201d she said, adding many tenants are moving to higher-quality office buildings, and new builds in particular.<\/p>\n<p style=\"text-align: justify;\">However, inventory remains scarce in the upper echelons of the market.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s interesting to note that there is basically no space, not even large blocks or full floors, of good high-quality space in higher buildings like AAA-class new builds. There\u2019s basically zero, maybe one floor here and there,\u201d Lebedeva said.<\/p>\n<p style=\"text-align: justify;\">Still, about five towers were added to downtown inventory over the past two to three years, including BGO\u2019s B6 and Oxford Properties Group\u2019s The Stack.<\/p>\n<p style=\"text-align: justify;\">New supply, together with recent sublease activity and a lack of new entrants, is pushing up downtown vacancy. (Cushman defines vacancy to include vacant sublease space.)<\/p>\n<p style=\"text-align: justify;\">The result is a war of incentives between landlords.<\/p>\n<p style=\"text-align: justify;\">\u201cLandlords, in our observation, are trying to maintain high asking rates by offering tenants significant inducements. That\u2019s what we see, and we see some deals being done,\u201d said Lebedeva.<\/p>\n<p style=\"text-align: justify;\">Though top-tier product remains scarce, tenants still have plenty of spaces to choose from and absorb.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s still lots of sublease space ready for tenants to move in. They can move in next month. I think we have almost 90 full vacant floors in downtown Vancouver available this quarter. That\u2019s a lot. They are all over the place, not all of them are contiguous of course, but full floors, imagine that.\u201d<\/p>\n<p style=\"text-align: justify;\">Meanwhile, a big question mark is the conversion of office into hotel or condo.<\/p>\n<p style=\"text-align: justify;\">\u201cThere could be more cases down the road with office buildings that can potentially be converted, although not every building can be converted,\u201d Lebedeva said.<\/p>\n<p style=\"text-align: justify;\">\u201cWe may see more buildings going residential or hotel.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.biv.com\/news\/real-estate\/downtown-vancouver-office-vacancy-frozen-as-market-shifts-says-report-10479417\" target=\"_blank\" rel=\"noopener\">Cushman &amp; Wakefield Inc. Report : Downtown Vancouver Office Vacancy Frozen as Market Shifts<\/a> by Jami Makan | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver\u2019s downtown office vacancy rate kicked off the year in suspended animation, remaining unchanged between the first quarter of 2025 and the quarter prior. That\u2019s according to a recent report &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2025\/04\/vancouver-downtown-office-quality-inventory-remains-in-high-demand\/\">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-25631","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 v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Downtown Office Quality Inventory Remains in High Demand &#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\/2025\/04\/vancouver-downtown-office-quality-inventory-remains-in-high-demand\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Downtown Office Quality Inventory Remains in High Demand &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver\u2019s downtown office vacancy rate kicked off the year in suspended animation, remaining unchanged between the first quarter of 2025 and the quarter prior. 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