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Tenant Opportunities Vary Across Space Classes
As downtown Vancouver's current cycle of new development winds down, the office market is gradually becoming more challenging for tenants. Buildings delivered during this cycle of development are approximately 94% leased, and overall vacancy rates in Vancouver's downtown core are continuing to tighten. At the end of 2016, the combined vacancy rate for all office classes was 7.5%, down from 9.6% a year earlier. Average gross rents have been creeping higher, reaching $41.17 at the end of 4Q16, up from $40.27 in 4Q15.
- Vacancy rate for all classes of office space in downtown Vancouver 7.5% at end of 4Q2016, down from 9.6% in the prior year
- Delivery of The Exchange later in 2017 will provide tenants seeking large blocks of contiguous space with more options
- Strata office space attracting interest of space users
NKF Devencore - Vancouver Downtown Winter 2016/17 Office Market