Vancouver’s downtown office vacancy rate is experiencing record-high prices as leasing costs nudge all-time highs. There are 1.6 million square feet of new offices under development in downtown Vancouver, but most of the space is already claimed.
“The market is showing no signs of slowing down in terms of rental rates. With no major new office buildings delivered until 2021, tenants with upcoming leases are competing within a very tight market,” said Jon Bishop, executive vice-president and managing principal of Devencore’s Vancouver office.
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