The office market in Greater Vancouver experienced a vacancy rate increase to 9.8% in Q4, up 1.2 percentage points from the previous year, attributed to uncertain market conditions and companies reassessing office space needs. The downtown core's vacancy rate decreased slightly to 11.2%, but the real rate is closer to 12.9% when accounting for unlisted "shadow space." Class B and C buildings are particularly favorable for tenants, with an average vacancy of 12.8%. The technology sector led leasing activity, while average asking rents fell to $33.17 per square foot.
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