Metro Vancouver Q3 2019 Office Market Overview Released
A more subdued third quarter in office leasing and sales activity was recorded as all-time high rental rates and all-time low vacancy rates dampen deal velocity and a “wait & see” approach starts to take hold, particularly in major investment sales in the lead up to Canada’s federal election October 21, 2019.
Widening gross rental rates between Downtown Vancouver and the suburban submarkets are starting to pique Downtown tenant’s interests in relocating to the suburbs where significant cost savings are able to be achieved.
Meanwhile, recent editions have commented on WeWork’s expansion in Vancouver where their planned presence of close to 700,000 square feet in nine locations may now be in jeopardy as intense investor and media scrutiny of its finances and leadership creates turmoil and threatens its disruptive force in the world of office space.
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