Vacancy rate in Metro Vancouver rises to 9.7% in the second quarter of 2024, marking a second consecutive increase. Vancouver's downtown struggles with a 10.8% vacancy rate, while suburbs have 8.4%. Office space under development decreased from 6.2 million to 1.1 million square feet, with a shift towards residential or hotel conversions mid-construction. National office construction levels in the second quarter of 2024 hit their lowest since 2005 at 5.7 million square feet.
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