Net absorption of office space in Vancouver 2016-2023 with a forecast for 2024
The net absorption of office space in Vancouver increased between 2020 and 2023, showing early signs of recovery from the coronavirus (COVID-19) crisis. Net absorption is the total amount of space which tenants moved into minus the total amount of space which tenants moved out of during a specific period. In 2023, the net absorption rate of office real estate in Vancouver was a negative 0.1 million square meters, meaning that less space was occupied than vacated. According to the forecast, absorption is expected to increase not only in Vancouver, but also on a national level in 2024.