Avison Young examines Q1 2026 U.S. data center absorption, vacancy, and pre-leasing trends, with analysis of leading markets and capacity constraints driven by AI demand.
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Avison Young reports U.S. office leasing of 61.7 million square feet in Q1 2026, with availability declining for a seventh straight quarter to 22.2% and gateway markets San Francisco and Manhattan near pre-COVID volumes.
The Avison Young Metro Vancouver office market report for Q1 2026 tracks market fundamentals including a vacancy rate of 11.8% (down from 12.4% in Q4 2025), 8.0 million square feet available, $55.11 average gross asking rent per square foot, and 321,000 square feet of absorption in the quarter. Small and mid-sized tenants are driving leasing momentum particularly in the 3,000 to 8,000 square foot range, tenant requirements are becoming more function-focused, and elevated inducements remain central to leasing negotiations as the market gradually rebalances.
Vancouver's multifamily market report by Avison Young covers H1 2025 trends, noting that nearly 20,000 rental units are under construction as of July 2025 despite structural challenges expected to create supply shortfalls in 2-3 years, while the market has shifted toward buyers with cap rates exceeding 4%, vacancy at 1.9%, average rents at $2,830 per month, and annual rent declines of 7.0%. The report identifies private capital as increasingly dominant as institutional investors retreat, with activity concentrated in value-add segments and well-located competitively-priced assets, while zoning reforms and federal programs support affordable housing development.
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