{"id":28679,"date":"2026-11-03T11:11:59","date_gmt":"2026-11-03T19:11:59","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=28679"},"modified":"2026-11-03T11:56:43","modified_gmt":"2026-11-03T19:56:43","slug":"new-listings-pushed-office-vacancy-higher-in-both-downtown-suburban-markets","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2026\/11\/new-listings-pushed-office-vacancy-higher-in-both-downtown-suburban-markets\/","title":{"rendered":"New Listings Pushed Office Vacancy Higher in Both Downtown &#038; Suburban Markets"},"content":{"rendered":"<p style=\"text-align: justify;\">Metro Vancouver\u2019s office market softened in the third quarter while the region\u2019s industrial sector continued to tighten amid strong leasing activity and limited supply.<\/p>\n<p style=\"text-align: justify;\">Office vacancy rates increased in both downtown Vancouver and suburban markets, reaching 12.2% and 7.9% respectively, according to Colliers\u2019 Q3 2026 national market snapshot released Thursday.<\/p>\n<p style=\"text-align: justify;\">\u201cThe office market, after 12 months of fairly solid activity and a shrinking vacancy rate, has hit a period of stabilization whereas the industrial sector is evolving,\u201d said Susan Thompson, director of research for Western Canada at Colliers.<\/p>\n<p style=\"text-align: justify;\">\u201cIt&#8217;s heavily driven by logistics and the movement of goods, which is driving a lot of the activity.\u201d<\/p>\n<p style=\"text-align: justify;\">The increase of office vacancy rate came as about 350,000 square feet of negative net absorption was recorded across Metro Vancouver, largely because of new listings entering the market, particularly in Burnaby and Richmond, according to Colliers.<\/p>\n<p style=\"text-align: justify;\">\u201cVancouver, if you\u2019re looking at the office market, it hasn\u2019t found the same kickstart to its industries and economies that drive activity the way a lot of the rest of Canada has,\u201d said Thompson.<\/p>\n<p style=\"text-align: justify;\">\u201cSo it\u2019s really feeling a bit sluggish and stalled at the moment.\u201d<\/p>\n<p style=\"text-align: justify;\">Downtown Vancouver has one of its highest vacancy rates in more than 20 years, while the suburban market is performing better by comparison, according to Thompson.<\/p>\n<p style=\"text-align: justify;\">Surrey\u2019s office vacancy rate was about 7.6%. Burnaby and Richmond have also seen relatively strong leasing activity, although newly completed buildings and new listings affected vacancy calculations during the quarter.<\/p>\n<p style=\"text-align: justify;\">She attributed part of the difference to the composition of suburban tenants, which tend to be smaller and more stable.<\/p>\n<p style=\"text-align: justify;\"><strong>Industrial Market Moves in Opposite Direction<\/strong><\/p>\n<p style=\"text-align: justify;\">While office conditions softened, Metro Vancouver\u2019s industrial market continued to tighten, according to the report.<\/p>\n<p style=\"text-align: justify;\">Industrial vacancy fell 0.5 percentage point quarter over quarter to 2.6%, while availability declined 0.7 percentage point to 3.7%.<\/p>\n<p style=\"text-align: justify;\">It was the first time in 10 quarters that both vacancy was below three per cent and availability was below four per cent, according to Colliers.<\/p>\n<p style=\"text-align: justify;\">\u201cMetro Vancouver&#8217;s industrial market continued to tighten this quarter as strong leasing activity, coupled with limited new availability, pushed both vacancy and availability lower,\u201d the report said.<\/p>\n<p style=\"text-align: justify;\">The region recorded nearly 1.3 million square feet of positive net absorption during the quarter, supported in part by several major lease transactions.<\/p>\n<p style=\"text-align: justify;\">One of the largest was the leasing of 411,417 square feet at 18111 Blundell Road in Richmond, removing a substantial block of industrial space from the market.<\/p>\n<p style=\"text-align: justify;\">The industrial market is also undergoing a broader structural shift across Canada, as demand increasingly extends beyond traditional logistics facilities toward manufacturing, advanced research and development, defence and other activities tied to Canada&#8217;s emerging economic strategy, according to Colliers.<\/p>\n<p style=\"text-align: justify;\">&#8220;I expect we are on the cusp of a foundational shift in Canada&#8217;s industrial economy, and commercial real estate is at the heart of it,&#8221; said Adam Jacobs, head of research for Colliers Canada, in a statement.<\/p>\n<p style=\"text-align: justify;\">&#8220;For years, our national supply chains have been too reliant on international suppliers. Now, with historic new investment in defence and infrastructure, we are seeing the direct real estate requirements needed to bring that ambition to life.&#8221;<\/p>\n<p style=\"text-align: justify;\"><strong>Election Uncertainty Adds Another Layer<\/strong><\/p>\n<p style=\"text-align: justify;\">Thompson said uncertainty surrounding BC\u2019s municipal and provincial elections is also contributing to caution among businesses making longer-term real estate decisions.<\/p>\n<p style=\"text-align: justify;\">\u201cWith an election both at the municipal and provincial [level] going on across the board in BC right now, that\u2019s really stalling a lot of decision-making,\u201d she said.<\/p>\n<p style=\"text-align: justify;\">She expects some of that uncertainty could ease after the elections, potentially allowing businesses to make longer-term decisions.<\/p>\n<p style=\"text-align: justify;\">\u201cWe could potentially see things unlock once there\u2019s some more certainty in what people are going to be facing,\u201d Thompson said.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/biv-rss-newsletter\/metro-vancouver-industrial-vacancy-falls-to-26-while-office-market-softens-report-12873236\" target=\"_blank\" rel=\"noopener\">Report : Metro Vancouver Industrial Vacancy Falls to 2.6% While Office Market Softens<\/a> by Daisy Xiong | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metro Vancouver\u2019s office market softened in the third quarter while the region\u2019s industrial sector continued to tighten amid strong leasing activity and limited supply. Office vacancy rates increased in both &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2026\/11\/new-listings-pushed-office-vacancy-higher-in-both-downtown-suburban-markets\/\">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-28679","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 v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Listings Pushed Office Vacancy Higher in Both Downtown &amp; Suburban Markets &#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\/2026\/11\/new-listings-pushed-office-vacancy-higher-in-both-downtown-suburban-markets\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"New Listings Pushed Office Vacancy Higher in Both Downtown &amp; Suburban Markets &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Metro Vancouver\u2019s office market softened in the third quarter while the region\u2019s industrial sector continued to tighten amid strong leasing activity and limited supply. Office vacancy rates increased in both &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\\\/2026\\\/11\\\/new-listings-pushed-office-vacancy-higher-in-both-downtown-suburban-markets\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2026\\\/11\\\/new-listings-pushed-office-vacancy-higher-in-both-downtown-suburban-markets\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"New Listings Pushed Office Vacancy Higher in Both Downtown &#038; 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