Vancouver Office Figures Q1 2026

‒    The Metro Vancouver office market recorded a quarter-over-quarter decline in vacancy of 60 basis points (bps), bringing the overall vacancy rate to 10.8% in Q1 2026. Vacancy decreased across both the suburban and downtown core markets; however, the suburban market posted the strongest improvement, with vacancy falling 120 bps to 9.1%, compared to a more modest 20 bps decline in the downtown core reaching 12.3%.

‒    The suburban market continues to outperform the downtown core, with Q1 2026 marking the fourth consecutive quarter in which downtown vacancy exceeded suburban vacancy. A notable lease transaction during the quarter contributed to the decline in suburban vacancy, pushing it to its lowest level since Q2 2024.

‒    The bifurcation in vacancy between Downtown Class AAA & A and Class B & C inventory continued to widen in Q1 2026, marking the fourth consecutive quarter of increasing divergence between the two segments. Vacancy in the combined Class B & C inventory segment increased 390 bps year-over-year to 18.0%. In contrast, Class AAA & A recorded a 20 bps year-over-year decline in vacancy to 8.4% this quarter.