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Rebounding office sector sees vacancy rates fall

Workspace move-ins outpace move-outs for fourth consecutive quarter, CBRE says
Sun Tower at 128 West Pender St. is a high-profile office complex in Vancouver, one of the few office markets to post negative net absorption in the second quarter, as several large blocks of space were returned to the market. Even so, vacancy in downtown Vancouver remained relatively low at 12.2%, reflecting continued demand for premium office buildings. (CoStar)
Sun Tower at 128 West Pender St. is a high-profile office complex in Vancouver, one of the few office markets to post negative net absorption in the second quarter, as several large blocks of space were returned to the market. Even so, vacancy in downtown Vancouver remained relatively low at 12.2%, reflecting continued demand for premium office buildings. (CoStar)

Canada's office market has completed its first full year of recovery since the pandemic as more office space was occupied than vacated over the past four quarters, according to a new report from CBRE.

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