Vancouver Office Market Report

Another year of elevated completions. After bottoming out between late 2022 and the first half of 2023, space demand in Vancouver has been on a steady upwards trajectory. The vacancy rate did not decline in step with this positive momentum, however, until the final quarter of 2024 due to an active construction pipeline, which added 2.6 million square feet of office space over the past two years. Following the completion of The Post’s North Tower, the only major project currently underway in the downtown core is Westbank’s office tower. This project, which is expected to deliver in 2029, will be built above the new Creative Energy steam plant. In contrast to this relatively idle local construction pipeline, development activity remains strong in the suburban Vancouver and Vancouver periphery submarkets. As a result, completions are projected to stay elevated in 2025.