New office construction in Richmond not nearly enough to meet demand

February 1, 2017 4:36 pm

the vancouver sun

Richmond’s office vacancy has been on a steady decline since cresting above 20 per cent in 2012, and is now ready for fresh office developments to meet rising demand for workspace, say commercial real estate brokers and the city’s manager of economic development.

As of the end of 2016, Richmond’s office vacancy rate had fallen to 9.5 per cent. That was down from 12.6 per cent in the first quarter of the year, and follows a downward trend since rising above 20-per-cent vacancy in 2012, according Colliers International’s Metro Vancouver Office Report for the fourth quarter of 2016.

The report said the office vacancy rate could keep falling this year, perhaps touching as low as six per cent.

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