Vancouver office market at ‘turning point’ as investment recovers

The Vancouver office market is experiencing a recovery, with investment volume rising significantly in the first half of 2024, reaching nearly $685 million, compared to just $69 million in the second half of 2022. Despite a high office vacancy rate of 10.4%, experts believe leasing activity will improve as the economy stabilizes and interest rates decrease. Recent notable transactions include Morguard Corp.'s purchase of a stake in Telus Garden and a $300 million sale of two downtown towers. Deal volume is expected to increase as market conditions become more favorable.