4 Metro Vancouver Office Markets That Face Growing Vacancy
Some Metro Vancouver markets have had big infusions of new office space this year, with more on the way, while others are dormant on development. And these four nodes (via fresh figures from Colliers) are seeing vacancy grow.
Inventory: 228 buildings, 25.7M SF total, including the just-opened MNP Tower.
Vacancy rate: 8.6% last quarter, up from 7.2% in Q1, as 979k SF of new supply was delivered, according to Colliers.
Available space: 2.5M SF, an availability rate of 10%. Net absorption year to date has been 481k SF.
Coming up: 978k SF is under construction.
Inventory: 138 buildings, 10.7M SF total, like Metrotower III, seen above.
Vacancy rate: 11.7% last quarter, up slightly from 11.4% in Q1. No new supply was delivered.
Available space: 1.43M SF, an availability rate of 13.3%. Net absorption YTD is -103k SF.
Coming up: 230k SF is under construction.
3. New Westminster
Inventory: 40 buildings, 1.73M SF total inventory, such as The Brewery District, above.
Vacancy rate: 16.9% last quarter, up from 16.3% in Q1. There was no new supply.
Available space: 301.2k SF, and an availability rate of 17.3%. YTD net absorption, however, is a healthy 130k SF.
Coming up: No office projects are under construction.
4. Broadway Corridor
Inventory: 127 buildings; 6.47k SF total, including Broadway Tech Centre.
Vacancy rate: 3.4% last quarter, up ever so slightly from 3.3% in Q1. Broadway Corridor has by far Metro Vancouver's lowest vacancy rate.
Available space: 276.5k SF, but an availability rate of just 4.3%. YTD net absorption is -4,371 SF
Coming up: Nothing delivered last quarter, but 304k SF is under construction.