Vancouver Office MarketBeat Q1 2026

Metro Vancouver's office market in Q1 2026 recorded an 11.2% overall vacancy rate with 263,000 square feet of year-to-date net absorption and asking rents at $53.68 per square foot, as vacancy declined by 20 basis points quarter-over-quarter despite minimal new construction and only one office building completion. Downtown Vancouver's vacancy fell to 13.9% with leasing activity rebounding to 502,000 square feet, driven by tenants upgrading to higher-quality Class A space, while across the broader metro region 17 office projects totaling 1.2 million square feet remain under construction with nearly 55% pre-leased, and sublease inventory continued its tenth consecutive quarter of decline as the market gradually rebalances toward direct space.