Good news for Vancouver’s housing market as it continues to remain strong, with more activity of home sales and house rental. Most particularly in the office market, as the vacancy rate for office in the region keeps on decreasing as more spaces are taken up by clients in light of latest developments, while tenants are also backfilling already available space.
At the year-end of 2016, the vacancy rate in Metro Vancouver went down by 9.7 per cent as reported by Avison Young, that was the lowest vacancy since the end of 2014, decreased by 10 per cent from a year before; the price of renting still stable. In total, vacancy went up by 12.1 per cent in the suburban area at the closing of 2016, from 2015’s year-end 11.1 per cent.
“There was no meaningful movement in rental rates in 2016 and they should remain fairly stable in 2017, although further decreases in the vacancy rate may apply modest upward pressure to net effective rates. The outlook for the Downtown core is fairly stable although delivery of the Exchange in late 2017 could add substantial vacant and available inventory to the market,” commented Brian Pearson, Principal for Avison Young.