According to Cushman & Wakefield’s Q1 2024 Office Report, Metro Vancouver’s office market is thriving amid North American struggles. In Q1 2024, Vancouver’s downtown office vacancy rate dropped to 14%, a significant increase from 2.1% in Q1 2020 but still lower than other cities such as Seattle, where the vacancy rate was 26.6%. Overall, Metro Vancouver boasts the lowest office vacancy rate among North America’s major hubs and the highest gross asking rent in Canada at $55.51 per square foot.
Lower Canadian labour costs, especially in the tech sector, have attracted U.S. companies. Tech workers in the U.S. earn 46% more than in Canada according to a study by Toronto Metropolitan University, making Vancouver appealing for cost-effective talent. Additionally, Trump’s suspension of H-1B visas in 2020 redirected U.S. tech talent to Vancouver, boosting demand. Companies like Microsoft and Amazon capitalized on this, hiring global talent in Vancouver. Below are some areas that stood out in the report.
Highest Vacancy Rate
- Gastown/Railtown: 18.4%
- Downtown Vancouver: 14.0%
- Downtown Core: 13.8%
Lowest Vacancy Rate
- Tri-Cities: 2.7%
- False Creek Flats: 2.8%
- Surrey: 3.5%
Highest Price Per Square Foot
- Downtown Core: $63.63
- Downtown Vancouver: $61.49
- Mt. Pleasant: $59.44
Lowest Price Per Square Foot
- South Surrey: $33.73
- Richmond: $34.83
- New Westminster: $37.63
