The office vacancy rate in downtown Vancouver has eclipsed 10 per cent for the first time in almost two decades. Here\u0027s why.
“It was the tech wreck back then,” says Ross Moore, a managing broker at real estate company Cresa.
“There are still big chunks that will hit the market,” said Moore, explaining that some companies are still working out what to do when they “have 10,000 square feet and just three employees coming in regularly.”Article contentIn Class AAA buildings, which are defined by having prime locations and the highest-quality finishings and amenities, 82 per cent of the vacant spaces are concentrated on lower and middle-level floors, according to a new report by Avison Young.
At the same time, on lower floors in lower grade class B and C buildings, which are cheaper, there is some relatively stronger leasing activity with tenants looking for better value.
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