Year-End Office Market Report
BBOT Member Avison Young has released its 2015 Year-End Office Market Report — outlining vacancy rates and trends in the regional office market.
Of note, vacancy remained stable in Burnaby during 2015 and finished the year at 12.9%, almost unchanged from the 12.6% recorded at year-end 2014.
Tenants in Burnaby continue to have a wide range of office options, forcing landlords to provide incentives and inducements to attract new tenants and secure lease rates.
Vacancy is expected to rise in 2016 due to several new office buildings coming to completion during the year but will be offset by Metro Vancouver moving into the Metrotower III and taking that space off the market.
Read the full report for Burnaby, Vancouver and the rest of the Lower Mainland here: