Modern office space is becoming harder to find in Vancouver, which may spur some developers to try to accelerate projects in the planning and permitting stages.
“Demand is getting stronger and supply is constrained,” said Michael Wright, vice-president of Newmark Knight Frank Devencore, which just released a new study on Vancouver’s office market. “So in the short term, vacancies will go down and rents will go up and inducements will stay the same or begin to get compressed.
“Our long-term forecast is that, because of the healthy market, the second cycle of more recent development is going to go ahead in the early 2020s. By 2023 and 2024, we should have a number of new buildings delivered to the market. It will shift back to a more balanced tenant-landlord situation.”
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