Vancouver offices face first ‘tenant’s market’ in 20 years

Vancouver's downtown office vacancy rate has increased from 2% to 12% since the pandemic. This shift has created more opportunities for businesses in the city's core. The increase in vacancy rates has led to more lease options for tenants and a re-evaluation of how office space is used. Despite the high vacancy rates, newer and improved office spaces are leasing quickly, while older and less desirable spaces are being left behind. This has sparked conversations about conversions and renovations. Experts suggest that now is a good time for office tenants to evaluate their leases.