Vancouver’s office landscape is facing change amid an ongoing flight to quality and new federal policy on student visas, says a new Avison Young report.

The flight to quality has left limited options for premium large-block spaces, and the city’s international education sector is likely to require fewer real estate assets after accounting for several large transactions in 2023, according to Avison Young. Many schools catering to international students leased office premises in prominent downtown locations, helping to offset high vacancy and availaility.

The education sector comprised 25% of Metro Vancouver office tenant demand as of December 2023.

The federal government will cap student visas at 35% of the current total, starting in September 2024.

Jessica Toppazzini, managing director of Avison Young’s Vancouver office, co-ordinated the report with market intelligence specialists Riley Stephen and Shawna Rogowski. Stephen and Rogowski are also based in Vancouver.