Vancouver’s commercial real estate landscape in 2024 presents a complex picture of resilience and adaptation across different sectors. The market is experiencing varying dynamics, with some sectors showing remarkable strength while others undergo significant adjustments.

The multifamily sector stands out as particularly robust, driven by exceptional population growth rates of 3.8% and 4% in 2022 and 2023 respectively – more than double the historical average of 1.9%. This surge has created intense pressure on housing supply, pushing apartment vacancy rates to a mere 0.9%, highlighting the critical need for more purpose-built rental developments.