Net absorption of office space in Vancouver 2016-2022 with a forecast for 2023
The net absorption of office space in Vancouver increased between 2021 and 2022, 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 2022, the net absorption rate of office real estate in Vancouver was 0.65 million square meters, meaning that more 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 2023.