Investors in Metro Vancouver are in for a treat this year, as the area\u2019s commercial property market \u2013 especially the office segment \u2013 is currently the best nationwide.<\/p>\n
In its analysis, commercial agency Devencore stated that vacancy rates for office space in the downtown area fell to 4.5% at the beginning of the year, from 5% a year ago.<\/p>\n
Demand for Class A space was even stronger, with vacancy rates at 3.9% and average gross rents at above $51 per square foot.<\/p>\n
The data came as approximately 1.6 million square feet of new offices, most of which are already claimed by tenants, currently undergo development. A total of 3.5 million square feet in 21 office buildings are slated for completion within the next 5 years.<\/p>\n
\u201cIt is a historical time for Metro Vancouver\u2019s commercial real estate,\u201d Avison Young Vancouver market analyst Andrew Petrozzi told Western Investor.<\/em><\/p>\n Read more: <\/p>\n Devencore attributed the market\u2019s singular strength to historically high property values and sustained development.<\/p>\n \u201cThe market is showing no signs of slowing down in terms of rental rates. With various developments underway, but no major new office buildings delivered to the market until 2021, tenants with upcoming leases are competing within a very tight market,\u201d Devencore Vancouver executive VP and managing principal Jon Bishop explained.<\/p>\n \u201cWe are seeing trends with large space users pre-leasing new AAA-class office space slated to be delivered in 2021 and beyond. In the meantime they are utilizing flexible swing space to hold them over until their new offices are completed.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Investors in Metro Vancouver are in for a treat this year, as the area\u2019s commercial property market \u2013 especially the office segment \u2013 is currently the best nationwide. In its analysis, commercial agency Devencore stated that vacancy rates for office space in the downtown area fell to 4.5% at the beginning of the year, from […]<\/p>\n","protected":false},"author":5,"featured_media":21486,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8158"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=8158"}],"version-history":[{"count":1,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8158\/revisions"}],"predecessor-version":[{"id":21645,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8158\/revisions\/21645"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/21486"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=8158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=8158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=8158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}