As Vancouver Office Market Dips, Developers Turn Their Attention To Hotels

New office construction in Canada has dropped to 4.2 million sq. ft., the lowest since 2004, according to a CBRE report. In Metro Vancouver, only 29,368 sq. ft. of new office space is under construction, none pre-leased. Developers are increasingly pivoting to hotel projects, with several conversions from office to hotel use approved in Burnaby and Surrey. The hotel market is thriving due to strong demand and high occupancy rates, despite challenges in hotel development, such as income volatility and high costs.