Figures

Vancouver Office Figures Q3 2026

As expected, consolidation leaves two large blocks of space vacant Downtown

October 28, 2026 5 Minute Read

Looking for a PDF of this content?

Download

  • The Metro Vancouver office market recorded an increase in vacancy of 50 basis points (bps), bringing the overall rate to 12.2% in Q3 2026. This was led by the downtown market which posted a 90 bps increase, while suburban vacancy edged up by just 10 bps.
  • Two large downtown blocks of future available space were officially vacated this quarter due to consolidation within the technology sector, pushing downtown vacancy to its highest level in over 22 years. It is anticipated that these spaces will take time to absorb and hinges on reduced economic uncertainty, though recent infrastructure announcements may help spur demand more quickly.
  • The suburban market continues to outperform the downtown core, maintaining a lower vacancy rate. This marks the sixth consecutive quarter in which downtown vacancy has exceeded suburban vacancy.
  • The bifurcation in vacancy between Downtown Class AAA & A and Class B & C narrowed from 950 bps to 820 bps in Q3 2026, related to the rise in Class AAA/A vacancy. This marks the first time in 10 quarters where the gap in vacancy narrowed between the two segments.