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Vancouver office rates comparatively low… for now

  • ​​Currently Vancouver is one of the most affordable cities for office space among the gateway cities in North America with an average gross rental rate of $54.17 per square foot for ‘A’ class product.
  • Rental rates are anticipated to rise over the next three years. The current vacancy rate for ‘A’ class buildings of 5.0 percent favours landlords. With no new supply to enter the market in the next three years and given anticipated continued strong demand, the vacancy rate will continue to decline with rental rates increasing ccordingly.
  • Given the lack of available space in the downtown core and appreciating rental rates, tenants will be forced to consider locations outside the downtown core. Areas that offer proximity to public transit and a diverse mix of walkable retail services will realize the greatest demand including the False Creek Flats, Mount Pleasant, East Vancouver and the Brentwood area of Burnaby.​

Source: JLL Research, exchange rate 1 USD = 1.29 CAD​




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