Market conditions in Metro Vancouver remained tight on the heels of a record-low average vacancy in Q4 2019, with a marginal 10 basis points (bps) increase to 3.9% in Q1 2020.
Downtown vacancy contracted by 10 bps quarter-over-quarter settling at 2.2%.
Suburban markets registered a 20 bps growth in vacancy to 5.6%, remaining one of the tightest suburban office market across Canada.
The 2020 forecast was upended by the COVID-19 pandemic. As the global situation progressively unfolds, Metro Vancouver should be able to rely on strong fundamentals at the start of the economic crisis.