The vacancy rate for offices in Vancouver continues to decline as clients take up space in new developments while tenants are also backfilling existing space.

Avison Young’s market report shows that Metro Vancouver vacancy slipped to 9.7 per cent at year-end 2016, the lowest vacancy since year-end 2014, and down from 10 per cent a year earlier; rental prices held steady.

"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," Avison Young Principal Brian Pearson commented. "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."

Overall suburban vacancy rose to 12.1 per cent at year-end 2016 from 11.1 per cent at year-end 2015.

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