Metro Vancouver’s tech sector continues to dominate the region’s office sector.
That’s according to a June 6 report from real estate services firm Cushman & Wakefield Inc., which found the local tech sector to account for 36.4 per cent of the current 1.4 million square feet occupied by active tenants.
The government came second at 13.7 per cent, followed by health services at 13 per cent and education at 12.2 per cent.
Insurance and finance accounted for eight per cent of all active tenants.
As per the report, global economic uncertainty is impacting office market conditions, resulting in tenants hitting pause or scaling back their space needs.
The legal sector peaked in 2014, representing 30 per cent of the demand. It now accounts for just 0.7 per cent of demand.
Tech sector demand peaked at 63 per cent just prior to the pandemic in late 2019 and early 2020. And while the pandemic ushered in a wave of work-from-home policies for the industry, tech still dominates the office sector throughout the region.
