Leased vacancy rates for top-tier office buildings in downtown Vancouver dipped slightly in 2025, keeping the primary city centre for Canada\u2019s third largest metropolitan regions as one of the tightest office markets in North America.<\/p>\n
Even so, asking rents across most types of commercial properties declined over the year, as both landlords and tenants remained cautious.<\/p>\n
According to a new market report today by Royal LePage, the broader Metro Vancouver suburban office market has held up better than the downtown Vancouver peninsula.<\/p>\n
Leased office space vacancy rates remain low compared to many other major city centres in Canada and the United States, but conditions in downtown Vancouver currently favour tenants.<\/p>\n
Large office towers have been hit hardest, as many companies continue to embrace semi-remote work and look for ways to use less space more efficiently.<\/p>\n
To stay competitive, landlords are offering perks such as lower rents, rent-free periods, and more flexible lease terms.<\/p>\n
Meanwhile, construction of new office buildings has slowed significantly, following the conclusion of an office building boom that first began before the pandemic. There are no office towers under construction at the moment, with the previous boom ending with the 2023 completions of Bosa Waterfront Centre office tower<\/a> (which has a significant strata ownership office space component) and The Stack office tower<\/a> \u2014 Vancouver\u2019s tallest office building, and one of the largest in terms of floor area \u2014 and the 2024 completion of B6 office tower<\/a>.<\/p>\n Earlier completions of roughly five million square feet of new modern premium office space with a high degree of amenities also led to a \u201cflight to quality,\u201d with older, lower-tier office spaces seeing higher vacancy rates due to interest in new, higher-tier properties.<\/p>\n The Post, Vancouver\u2019s largest single office building, was completed in 2023. All 1.1 million sq. ft. of office space was fully pre-leased by Amazon, with employees first moving into the building in September 2023 and gradually expanding within the complex as additional interior space was completed.<\/p>\n Later in 2026<\/a>, Amazon is expected to begin occupying The Post\u2019s North Tower,<\/a> having already taken up space in the South Tower and the centre block<\/a> levels. Sony Pictures Imageworks\u2019 global headquarters<\/a> has also moved into the base podium of The Post, converting a significant space originally slated for retail.<\/p>\n