A researcher with the Vancouver Economic Commission says he is not overly concerned as numbers show Vancouver’s downtown office vacancy rate has hit 10 per cent for the first time in almost 20 years.
According to real estate firm Avison Young, the first quarter of this year brought Vancouver’s downtown office vacancy rate to 10.8 per cent, up from 9.6 per cent at the end of 2022.
The last time that the vacancy rate broke the 10 per cent threshold was in the last quarter of 2004.
Avison Young attributed the increase to more subleased properties being available as companies re-evaluate their office space requirements.
The firm says the greatest pressure to sublease
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