The office market in Metro Vancouver is seeing more sales as investor confidence grows and interest rates continue their downward trend, according to Avison Young Inc.
“Although some of these were partial interest transfers, the activity indicated renewed confidence in the office market and provided private buyers an opportunity to acquire premium assets from institutional investors looking to reduce or exit their office holdings,” said the firm’s Metro Vancouver office market report for the third quarter of 2024.
Avison Young’s report also said Vancouver’s office vacancy rate has ticked up to 11 per cent in Q3 2024 compared to 10.4 per cent in the previous quarter. “There continues to be increased demand for class AAA and A buildings as the trend toward high-quality office space continues,” the report said.