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The office space market in Vancouver currently has an extremely low vacancy rate meaning landlords can up prices and renters may have trouble finding their ideal office, a recent report has stated.
According to a report put out by real estate services firm Newmark Knight Frank Devencore, Grade A office space in Vancouver has a vacancy rate of only 3.3 percent.
This is unlikely to change over the next few years the company predicted, as new office blocks are not being put up fast enough.
Jon Bishop, Vice President and General Manager of Devencore Company Ltd, said: “If you’re going to need 10,000 square feet, you’re going to be extremely limited in downtown.
“There hasn’t been a significant new tower in years, since the Bentall 5 building,” Bishop said. “It’s a supply-and-demand dynamic in downtown Vancouver.
“But we’re anticipating more office towers in downtown Vancouver in the next three to four years. And when you see new inventory, things will stabilize.”
However until this happens landlords will continue to have the upper hand in the commercial real estate market in Vancouver, Bishop added.
While the office space market in Vancouver did fluctuate during the recent recession, overall it remained one of the most stable in North America, according to the repot
The report stated: “Certainly the 2010 Olympic Games had a positive effect on the local economy, bringing some CAD 600 million in investment to the city and environs, and Metro Vancouver’s business community has been generally upbeat, as evidenced by the growth that has taken place over the past 12 months.”
Currently Vancouver is the fourth largest office space market in Canada behind Toronto, Montreal and Calgary, boasting approximately 20 million square feet.