By Altus Group | November 13, 2018

Vancouver Flash Report 2018

The industrial vacancy rate has declined to the 2% range, despite significant new supply, while demand for office space has improved and driven the office vacancy rate down to 7%.

Commercial investment & land market

  • Total investment property sales volumes in the Vancouver Market Area increased to $14.5 billion in 2017, the highest annual volume recorded to date by Altus Group.
  • Total investment property sales volumes in the Vancouver Market Area slowed slightly in the first half of 2018.
  • Residential Land sales set another record in 2017.
  • The sale of seven strata units at the West Fourth Building represented a price per square foot of $1,250.

Industrial & office markets

  • The industrial vacancy rate has declined to the 2% range, despite significant new supply.
  • The Vancouver office leasing market continues to improve.
  • Majority of new office supply under construction is in the tighter downtown area.

Residential development market

  • New home sales have moderated since 2016.
  • New condominium apartment project launches up from last year.
  • The approximately 2,400 new condominium apartment units available to purchase at the end of Q2 2018 represents only about 2 months of supply.

Homebuyers

  • First-time homebuying intentions down from last year.
  • Many younger renters want to buy a home, but are still saving for a downpayment.
  • Being deep in Vancouver’s downtown action has appeal for many Millennials.
  • About 1 in 3 end user homebuyers in the Vancouver Market Area in the past 5 years was a single-person household.
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