|
|
The Downtown Vancouver Office Market saw very slight decrease of .1% in overall vacancy to 6.1%. Vacancy rates remained stable in the class “A” at 3.2% of direct space and 1.4% of sublease space for a total of 4.6%. The “B” class market has decreased slightly to 6.0%, and the “C” market also decreased slightly to 10.8%.
AVAILABLE SPACE SUMMARY
| Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Total Number of Existing Buildings |
Total Existing Office Area
(sq. ft.) |
Total Leased Area (sq. ft.) |
Direct Available Area
(sq. ft.) |
Direct Available Rate (%) |
Sublet Available Area
(sq. ft.) |
Sublet Available Rate (%) |
Total Available Area
(sq. ft.) |
Total Available Rate (%) |
| Office Market |
4,507 |
481,743,519 |
439,149,283 |
36,398,590 |
7.6 |
6,195,646 |
1.3 |
42,594,236 |
8.8 |
| British Columbia |
651 |
50,919,217 |
46,079,687 |
3,999,456 |
7.9 |
840,074 |
1.6 |
4,839,530 |
9.5 |
| Greater Vancouver |
651 |
50,919,217 |
46,079,687 |
3,999,456 |
7.9 |
840,074 |
1.6 |
4,839,530 |
9.5 |
| Downtown Vancouver |
220 |
23,865,181 |
22,404,213 |
1,134,152 |
4.8 |
326,816 |
1.4 |
1,460,968 |
6.1 |
| Downtown |
152 |
20,371,315 |
19,154,870 |
925,658 |
4.5 |
290,787 |
1.4 |
1,216,445 |
6.0 |
| Gastown |
29 |
1,344,647 |
1,233,988 |
83,835 |
6.2 |
26,824 |
2.0 |
110,659 |
8.2 |
| Yaletown |
39 |
2,149,219 |
2,015,355 |
124,659 |
5.8 |
9,205 |
0.4 |
133,864 |
6.2 |
| All Office Classes |
220 |
23,865,181 |
22,404,213 |
1,134,152 |
4.8 |
326,816 |
1.4 |
1,460,968 |
6.1 |
| Class A |
5 |
13,260,785 |
12,611,843 |
427,336 |
3.2 |
221,606 |
1.7 |
648,942 |
4.9 |
| Class B |
81 |
6,855,514 |
6,447,007 |
366,010 |
5.3 |
42,497 |
0.6 |
408,507 |
6.0 |
| Class C |
8 |
3,748,882 |
3,345,363 |
340,806 |
9.1 |
62,713 |
1.7 |
403,519 |
10.8 |
Despite the slowly shrinking inventory there continues to be a variety of options for Downtown tenants. And again there are more opportunities being marketed for larger tenants with six openly marketed options for tenants with preference exceeding 50,000 square feet, which is an increase of one in the last quarter in comparison to the beginning of the year. As to opportunities for tenants with preference of greater than 10,000 square feet, there are 49 which is one less than the beginning of the year.
Tenant Options Report
| Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Number of buildings with available space |
Total office area for properties with available space (sq. Ft.) |
Buildings with available area greater than 50,000 sq. Ft. |
Buildings with available area greater than 10,000 sq. Ft. |
Number of spaces from 4,000-8,000 sq. Ft. |
Number of spaces from 2,000-3,999 sq. Ft. |
| OFFICE MARKET |
2,412 |
309,241,292 |
190 |
1,184 |
1,519 |
2,048 |
| British Columbia |
374 |
37,449,846 |
22 |
145 |
201 |
238 |
| Greater Vancouver |
374 |
37,449,846 |
22 |
145 |
201 |
238 |
| Downtown Vancouver |
135 |
19,398,008 |
6 |
5 |
123 |
92 |
| Downtown |
110 |
18,096,085 |
6 |
49 |
104 |
74 |
| Gastown |
13 |
607,224 |
0 |
4 |
14 |
4 |
| Yaletown |
12 |
694,699 |
0 |
4 |
5 |
14 |
| All Classes |
135 |
19,398,008 |
6 |
57 |
123 |
92 |
| Class A |
40 |
11,953,248 |
5 |
28 |
63 |
38 |
| Class B |
45 |
4,605,884 |
1 |
14 |
21 |
33 |
| Class C |
50 |
2,838,876 |
0 |
15 |
39 |
21 |
Downtown Vancouver Facts
- ~23,863,788 square feet office space Downtown 221 Buildings
- 1,485,855 square feet vacant
- 2 building currently under construction, and with several others being discussed
- Class “A” survey of occupancy cost psf/annum $49.02
The Leasing Facts
- 5 Buildings with more than 50,000 sf (down by 1, however 3 of the options are new developments)
- 49 Premises with over 10,000 sf (two less than last quarter)
Downtown Vancouver’s Office Market continues to be challenged by a lack of tenant activity, as the last quarter has shown to have an approximate 7,448 sf of absorption. In the last 60 days, there were 73 spaces added to the market and 56 units removed.
RGD Commercial Realty Advisors offers a unique focused approach to marketing and should you want more information on the office market, or a marketing proposal for your asset or for us to locate and advise on options specific to your business we welcome your inquiry.
The Burnaby Office Market finishes the year with a vacancy rate that has not changed 14.2%, which is of interest is that the Burnaby Office Market class “A” vacancy has remained stable for the last two quarters at 13.1%.
| Existing Inventory |
| Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Total Number of Existing Buildings |
Total Existing Office Area |
Total Leased Area* (sq. ft.) |
Direct Available Area (sq. ft.) |
Direct Available Rate (%) |
Sublet Available Area (sq. ft.) |
Sublet Available Rate (%) |
Total Available Area (sq. ft.) |
Total Available Rate (%) |
| Office Market |
4,507 |
481,736,415 |
439,698,142 |
36,148,933 |
7.5 |
5,889,340 |
1.2 |
42,038,273 |
8.7 |
| British Columbia |
651 |
50,921,252 |
46,164,867 |
3,900,267 |
7.7 |
856,118 |
1.7 |
4,756,385 |
9.3 |
| Greater Vancouver |
651 |
50,921,252 |
46,164,867 |
3,900,267 |
7.7 |
856,118 |
1.7 |
4,756,385 |
9.3 |
| Suburban Vancouver |
321 |
21,163,907 |
18,162,355 |
2,527,221 |
11.9 |
474,331 |
2.2 |
3,001,552 |
14.2 |
| Burnaby |
117 |
9,421,219 |
8,339,786 |
852,924 |
9.1 |
228,509 |
2.4 |
1,081,433 |
11.5 |
| All Office Classes |
117 |
9,421,219 |
8,339,786 |
852,924 |
9.1 |
228,509 |
2.4 |
1,081,433 |
11.5 |
| Class A |
68 |
6,664,431 |
5,934,864 |
558,972 |
8.4 |
170,595 |
2.6 |
729,567 |
10.9 |
| Class B |
37 |
2,237,080 |
1,920,222 |
260,755 |
11.7 |
56,103 |
2.5 |
316,858 |
14.2 |
| Class C |
12 |
519,708 |
484,700 |
33,197 |
6.4 |
1,811 |
0.3 |
35,008 |
6.7 |
While vacancy rates appear to have shrunk, and with 51,794 square feet of absorption in the quarter, there is still little velocity in the tenant market with many companies remaining in the status quo or, as well, contemplating right sizing.
| Tenant Options – Available for Lease |
| Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Number of Buildings with Available Space |
Total Office Area for Properties with Available Space (sq. ft.) |
Buildings with Available Area greater than 50,000 sq. ft. |
Buildings with Available Area greater than 10,000 sq. ft. |
Number of Spaces from 4,000-8,000 sq. ft. |
Number of Spaces from 2,000-3,999 sq. ft. |
| OFFICE MARKET |
2,414 |
309,241,292 |
190 |
1,184 |
1,519 |
2,048 |
| British Columbia |
374 |
37,449,846 |
22 |
145 |
201 |
238 |
| Greater Vancouver |
374 |
37,449,846 |
22 |
145 |
201 |
238 |
| Suburban Vancouver |
187 |
14,852,598 |
15 |
77 |
62 |
118 |
| Burnaby |
57 |
5,379,952 |
5 |
26 |
15 |
41 |
| All Classes |
57 |
5,379,952 |
5 |
26 |
15 |
41 |
| Class A |
27 |
3,398,896 |
4 |
15 |
8 |
11 |
| Class B |
25 |
1,698,480 |
1 |
10 |
4 |
28 |
| Class C |
5 |
282,576 |
0 |
1 |
3 |
2 |
Burnaby tenants still have plenty of options available to them with 26 spaces greater than 10,000 square feet and five options that could accommodate a minimum of 50,000 sf. What may be a more telling statistic is that there were 10 spaces greater than 10,000 sf added to the inventory in the last 60 days and only two spaces removed.
| Spaces Added to the Market |
| Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Total Number of Spaces Added in the past 60 days |
Number of Spaces greater than 20,000 sq.ft. |
Number of Spaces between 10,000 and 19,999 sq.ft. |
Number of Spaces between 5,000 and 9,999 sq.ft. |
Number of Spaces between 2,000 and 4,999 sq.ft. |
Number of Spaces less than 2,000 sq.ft. |
| OFFICE MARKET |
1,021 |
46 |
99 |
136 |
334 |
406 |
| British Columbia |
139 |
2 |
17 |
10 |
39 |
71 |
| Greater Vancouver |
139 |
2 |
17 |
10 |
39 |
71 |
| Suburban Vancouver |
51 |
2 |
12 |
3 |
14 |
20 |
| Burnaby |
26 |
1 |
10 |
2 |
7 |
6 |
| All Classes |
26 |
1 |
10 |
2 |
7 |
6 |
| Class A |
14 |
1 |
8 |
2 |
1 |
2 |
| Class B |
10 |
0 |
2 |
0 |
5 |
3 |
| Class C |
2 |
0 |
0 |
0 |
1 |
1 |
| Spaces Removed from the Market |
| Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Number of Spaces Removed in the past 60 days |
Number of Spaces greater than 20,000 sq.ft. |
Number of Spaces between 10,000 and 19,999 sq.ft. |
Number of Spaces between 5,000 and 9,999 sq.ft. |
Number of Spaces between 2,000 and 4,999 sq.ft. |
Number of Spaces less than 2,000 sq.ft. |
| OFFICE MARKET |
844 |
46 |
75 |
118 |
256 |
349 |
| British Columbia |
130 |
7 |
7 |
20 |
42 |
54 |
| Greater Vancouver |
130 |
7 |
7 |
20 |
42 |
54 |
| Suburban Vancouver |
45 |
6 |
4 |
3 |
16 |
16 |
| Burnaby |
16 |
4 |
2 |
0 |
5 |
5 |
| All Classes |
16 |
4 |
2 |
0 |
5 |
5 |
| Class A |
6 |
1 |
1 |
0 |
1 |
3 |
| Class B |
8 |
3 |
1 |
0 |
3 |
1 |
| Class C |
2 |
0 |
0 |
0 |
1 |
1 |
Burnaby Facts
- ~9,340,422 square feet office space (note our statistic provider increased this by 80,797 sf from the last quarter)
- 7.9 % vacancy with ~748,420 square feet currently available
- Class “A” survey of occupancy cost psf/annum $33.47 down $2.07 from last quarter.
The Leasing Facts
- 5 Buildings with more than 50,000 sf
- 26 opportunities with over 10,000 sf , 3 fewer than last quarter
- 26 spaces came onto the market and only 16 were removed.
Burnaby continues to remain a highly competitive market with the appearance of slowly stabilizing vacancy rates. There were 51, 794 square feet of absorption. It is a crucial time to consider a focused leasing team dedicated exclusively to an owner’s property and interest, as competition for new and existing tenants will become fierce.
RGD Commercial Realty Advisors offers a unique focused approach to marketing and should you want more information on the office market, or a marketing proposal for your asset we would like to talk to you.
Broadway Corridor Office Leasing Report
December 2011
The Broadway Corridor Office Market is a relatively small office market adjacent to Downtown Vancouver. The market itself is approximately 4 million square feet, comprised of 74 buildings with a current vacancy rate of 4.9%, down 0.4% from the end of the year.
|
Existing Inventory
|
|
Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column.
|
Total Number of Existing Buildings
|
Total Existing Office Area
|
Total Leased Area* (sq. ft.)
|
Direct Available Area (sq. ft.)
|
Direct Available Rate (%)
|
Sublet Available Area (sq. ft.)
|
Sublet Available Rate (%)
|
Total Available Area (sq. ft.)
|
Total Available Rate (%)
|
|
Office Market
|
4,507
|
481,736,415
|
439,698,142
|
36,148,933
|
7.5
|
5,889,340
|
1.2
|
42,038,273
|
8.7
|
|
British Columbia
|
651
|
50,921,252
|
46,164,867
|
3,900,267
|
7.7
|
856,118
|
1.7
|
4,756,385
|
9.3
|
|
Greater Vancouver
|
651
|
50,921,252
|
46,164,867
|
3,900,267
|
7.7
|
856,118
|
1.7
|
4,756,385
|
9.3
|
|
Vancouver Periphery
|
110
|
5,892,164
|
5,516,287
|
321,335
|
5.5
|
54,542
|
0.9
|
375,877
|
6.4
|
|
Broadway Corridor
|
74
|
3,816,941
|
3,628,899
|
182,297
|
4.8
|
5,745
|
0.2
|
188,042
|
4.9
|
|
All Office Classes
|
74
|
3,816,941
|
3,628,899
|
182,297
|
4.8
|
5,745
|
0.2
|
188,042
|
4.9
|
|
Class A
|
30
|
2,079,789
|
1,969,802
|
104,242
|
5.0
|
5,745
|
0.3
|
109,987
|
5.3
|
|
Class B
|
26
|
1,124,109
|
1,059,589
|
64,520
|
5.7
|
0
|
0.0
|
64,520
|
5.7
|
|
Class C
|
18
|
613,043
|
599,508
|
13,535
|
2.2
|
0
|
0.0
|
13,535
|
2.2
|
The Broadway Corridor, also known as the hospital corridor, services the Vancouver General Hospital and is the home to many smaller medical type tenants. There are currently five projects that can offer more than 10,000 square feet, with only three capable of accommodating that size on a single floor.
Tenant Options Report
|
Tenant Options – Available for Lease
|
|
Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column.
|
Number of Buildings with Available Space
|
Total Office Area for Properties with Available Space (sq. ft.)
|
Buildings with Available Area greater than 50,000 sq. ft.
|
Buildings with Available Area greater than 10,000 sq. ft.
|
Number of Spaces from 4,000-8,000 sq. ft.
|
Number of Spaces from 2,000-3,999 sq. ft.
|
|
OFFICE MARKET
|
2,412
|
309,241,292
|
190
|
1,184
|
1,519
|
2,048
|
|
British Columbia
|
374
|
37,449,846
|
22
|
145
|
201
|
238
|
|
Greater Vancouver
|
374
|
37,449,846
|
22
|
145
|
201
|
238
|
|
Vancouver Periphery
|
52
|
3,199,240
|
1
|
11
|
16
|
28
|
|
Broadway Corridor
|
36
|
2,052,421
|
0
|
5
|
11
|
20
|
|
Vancouver Outlying
|
16
|
1,173,819
|
1
|
6
|
5
|
8
|
|
OFFICE
|
52
|
3,199,240
|
1
|
11
|
16
|
28
|
|
All Classes
|
52
|
3,199,240
|
1
|
11
|
16
|
28
|
|
Class A
|
22
|
1,636,984
|
1
|
7
|
32
|
62
|
|
Class B
|
23
|
1,288,626
|
0
|
3
|
6
|
13
|
|
Class C
|
7
|
231,630
|
0
|
1
|
1
|
1
|
As a tenant within the Broadway Corridor, it is very difficult to generate quality opportunities against which to evaluate their premises. We recommend a comprehensive market report, which would include examining downtown locations and other markets in order to be fully aware of the cost differences between the various markets. Currently, there is a rental premium to be paid on the Broadway Corridor, when compared to other suburban markets. This, however, is still not enough to drive any speculative developments.
Broadway Corridor Facts
- 3,199,240 square feet office space
- 52 Buildings
- No buildings currently under construction
- Class “A” survey of occupancy cost psf/annum $38.83
The Leasing Facts
- No Buildings with more than 50,000 sf
- 3 Premises with over 10,000 sf
RGD Commercial Realty Advisors offer a unique focused approach to marketing. We would be more than glad to talk to you as you seek more information regarding the office market or for a marketing proposal for your asset.
The Downtown Vancouver Office Market saw a decrease in overall vacancy to 6.2%. Vacancy rates remained stable in the class “A” at 3.2% of direct space and 1.4% of sublease space for a total of 4.6%. The “B” class market has decreased slightly to 6.6%, while the “C” market increased slightly to 11.2%.
AVAILABLE SPACE SUMMARY
| Market Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Total Number of Existing Buildings |
Total Existing Office Area(sq. ft.) |
Total Leased Area (sq. ft.) |
Direct Available Area(sq. ft.) |
Direct Available Rate (%) |
Sublet Available Area(sq. ft.) |
Sublet Available Rate (%) |
Total Available Area (sq. ft.) |
Total Available Rate (%) |
| Office Market |
4,477 |
478,671,340 |
433,313,803 |
38,505,012 |
8.0 |
6,852,525 |
1.4 |
45,357,537 |
9.5 |
| British Columbia |
648 |
50,576,846 |
45,280,519 |
4,213,360 |
8.3 |
1,082,967 |
2.1 |
5,296,327 |
10.5 |
| Greater Vancouver |
648 |
50,576,846 |
45,280,519 |
4,213,360 |
8.3 |
1,082,967 |
2.1 |
5,296,327 |
10.5 |
| Downtown Vancouver |
221 |
23,863,788 |
22,377,933 |
1,154,632 |
4.8 |
331,223 |
1.4 |
1,485,855 |
6.2 |
| Downtown |
153 |
20,357,946 |
19,079,435 |
968,607 |
4.8 |
309,904 |
1.5 |
1,278,511 |
6.3 |
| Gastown |
29 |
1,350,647 |
1,226,205 |
106,991 |
7.9 |
17,451 |
1.3 |
124,442 |
9.2 |
| Yaletown |
39 |
2,155,195 |
2,072,293 |
79,034 |
3.7 |
3,868 |
0.2 |
82,902 |
3.8 |
| All Office Classes |
221 |
23,863,788 |
22,377,933 |
1,154,632 |
4.8 |
331,223 |
1.4 |
1,485,855 |
6.2 |
| Class A |
57 |
13,045,919 |
12,449,665 |
417,540 |
3.2 |
178,714 |
1.4 |
596,254 |
4.6 |
| Class B |
81 |
7,016,433 |
6,553,725 |
349,294 |
5.0 |
113,414 |
1.6 |
462,708 |
6.6 |
| Class C |
83 |
3,801,436 |
3,374,543 |
387,798 |
10.2 |
39,095 |
1.0 |
426,893 |
11.2 |
There continues to be a variety of options for Downtown tenants. However, there are now five openly marketed options for tenants with preference exceeding 50,000 square feet, which is an increase of four in comparison to the beginning of the year. As to opportunities for tenants with preference of greater than 10,000 square feet, there are 51 which is one more than the beginning of the year.
Tenant Options Report
| Market Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Number of buildings with available space |
Total office area for properties with available space (sq. Ft.) |
Buildings with available area greater than 50,000 sq. Ft. |
Buildings with available area greater than 10,000 sq. Ft. |
Number of spaces from 4,000-8,000 sq. Ft. |
Number of spaces from 2,000-3,999 sq. Ft. |
| OFFICE MARKET |
2,412 |
312,332,258 |
218 |
1,201 |
4,778 |
5,548 |
| British Columbia |
366 |
34,767,884 |
22 |
156 |
477 |
563 |
| Greater Vancouver |
366 |
34,767,884 |
22 |
156 |
477 |
563 |
| Downtown Vancouver |
132 |
18,498,815 |
5 |
59 |
263 |
254 |
| Downtown |
106 |
17,038,135 |
5 |
51 |
244 |
218 |
| Gastown |
13 |
735,667 |
0 |
6 |
19 |
24 |
| Yaletown |
13 |
725,013 |
0 |
2 |
0 |
12 |
| OFFICE |
132 |
18,498,815 |
5 |
59 |
263 |
254 |
| All Classes |
132 |
18,498,815 |
5 |
59 |
263 |
254 |
| Class A |
37 |
10,757,793 |
5 |
22 |
104 |
90 |
| Class B |
48 |
5,097,157 |
0 |
19 |
91 |
91 |
| Class C |
47 |
2,643,865 |
0 |
18 |
68 |
73 |
Downtown Vancouver Facts
- ~23,863,788 square feet office space Downtown 221 Buildings
- 1,485,855 square feet vacant
- 1 building currently under construction, and with several being discussed
- Class “A” survey of occupancy cost psf/annum $48.70
The Leasing Facts
- 5 Buildings with more than 50,000 sf (up by 4, however 3 of the options are new developments)
- 51 Premises with over 10,000 sf (same as last quarter)
Downtown Vancouver’s Office Market continues to be challenged by a lack of tenant activity, as the last quarter has shown to have an approximate 10,000 sf of negative absorption. In the last 60 days, there were 78 spaces added to the market and 80 units removed.
RGD Commercial Realty Advisors offers a unique focused approach to marketing and should you want more information on the office market, or a marketing proposal for your asset we would like to talk to you.
The Burnaby Office Market finishes the second quarter of 2011 with a vacancy rate of 14.2%, up 2% from end of the year, which we deem significant. For the interest of Burnaby Office Market clients, class “A” vacancy has continued to decrease to 13.1% from 15.3%.
Available for Lease
|
Existing Inventory
|
| Market Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Total Number of Existing Buildings |
Total Existing Office Area(sq. ft.) |
Total Leased Area(sq. ft.) |
Direct Available Area(sq. ft.) |
Direct Available Rate (%) |
Sublet Available Area (sq. ft.) |
Sublet Available Rate (%) |
Total Available Area(sq. ft.) |
Total Available Rate (%) |
| OFFICE MARKET |
4,477 |
478,671,340 |
433,313,803 |
38,505,012 |
8.0 |
6,852,525 |
1.4 |
45,357,537 |
9.5 |
| British Columbia |
648 |
50,576,846 |
45,280,519 |
4,213,360 |
8.3 |
1,082,967 |
2.1 |
5,296,327 |
10.5 |
| Greater Vancouver |
648 |
50,576,846 |
45,280,519 |
4,213,360 |
8.3 |
1,082,967 |
2.1 |
5,296,327 |
10.5 |
| Suburban Vancouver |
317 |
20,798,098 |
17,387,275 |
2,687,514 |
12.9 |
723,309 |
3.5 |
3,410,823 |
16.4 |
| Burnaby |
116 |
9,340,422 |
8,014,564 |
892,200 |
9.6 |
433,658 |
4.6 |
1,325,858 |
14.2 |
| OFFICE |
116 |
9,340,422 |
8,014,564 |
892,200 |
9.6 |
433,658 |
4.6 |
1,325,858 |
14.2 |
| All Classes |
116 |
9,340,422 |
8,014,564 |
892,200 |
9.6 |
433,658 |
4.6 |
1,325,858 |
14.2 |
| Class A |
67 |
6,583,634 |
5,720,770 |
649,899 |
9.9 |
212,965 |
3.2 |
862,864 |
13.1 |
| Class B |
37 |
2,237,080 |
1,809,883 |
208,315 |
9.3 |
218,882 |
9.8 |
427,197 |
19.1 |
| Class C |
12 |
519,708 |
483,911 |
33,986 |
6.5 |
1,811 |
0.3 |
35,797 |
6.9 |
While vacancy rates appear to have shrunk, and with 179,000 square feet of absorption in the quarter, there is still little velocity in the tenant market with many companies remaining in the status quo or, as well, contemplating right sizing.
|
Tenant Options – Available for Lease
|
| Market Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Number of Buildings with Available Space |
Total Office Area for Properties with Available Space (sq. ft.) |
Buildings with Available Area greater than 50,000 sq. ft. |
Buildings with Available Area greater than 10,000 sq. ft. |
Number of Spaces from 4,000-8,000 sq. ft. |
Number of Spaces from 2,000-3,999 sq. ft. |
| OFFICE MARKET |
2,412 |
312,332,258 |
218 |
1,201 |
4,778 |
5,548 |
| British Columbia |
366 |
34,767,884 |
22 |
156 |
477 |
563 |
| Greater Vancouver |
366 |
34,767,884 |
22 |
156 |
477 |
563 |
| Suburban Vancouver |
183 |
13,154,096 |
17 |
85 |
182 |
247 |
| Burnaby |
55 |
5,245,270 |
8 |
30 |
68 |
112 |
| OFFICE |
55 |
5,245,270 |
8 |
30 |
68 |
112 |
| All Classes |
55 |
5,245,270 |
8 |
30 |
68 |
112 |
| Class A |
29 |
3,461,526 |
6 |
20 |
34 |
40 |
| Class B |
22 |
1,536,886 |
2 |
9 |
29 |
63 |
| Class C |
4 |
246,858 |
0 |
1 |
5 |
9 |
Burnaby tenants have more options available to them with 29 spaces greater than 10,000 square feet and eight options that could accommodate a minimum of 50,000 sf.
|
Spaces Added to the Market
|
| Market Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Total Number of Spaces Added in the past 60 days |
Number of Spaces greater than 20,000 sq.ft. |
Number of Spaces between 10,000 and 19,999 sq.ft. |
Number of Spaces between 5,000 and 9,999 sq.ft. |
Number of Spaces between 2,000 and 4,999 sq.ft. |
Number of Spaces less than 2,000 sq.ft. |
| OFFICE MARKET |
1,188 |
50 |
96 |
186 |
359 |
497 |
| British Columbia |
189 |
4 |
10 |
20 |
48 |
107 |
| Greater Vancouver |
189 |
4 |
10 |
20 |
48 |
107 |
| Suburban Vancouver |
65 |
4 |
5 |
8 |
16 |
32 |
| Burnaby |
17 |
0 |
3 |
2 |
8 |
4 |
| OFFICE |
17 |
0 |
3 |
2 |
8 |
4 |
| All Classes |
17 |
0 |
3 |
2 |
8 |
4 |
| Class A |
9 |
0 |
3 |
1 |
4 |
1 |
| Class B |
8 |
0 |
0 |
1 |
4 |
3 |
| Class C |
0 |
0 |
0 |
0 |
0 |
0 |
|
Spaces Removed from the Market
|
| Market Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Number of Spaces Removed in the past 60 days |
Number of Spaces greater than 20,000 sq.ft. |
Number of Spaces between 10,000 and 19,999 sq.ft. |
Number of Spaces between 5,000 and 9,999 sq.ft. |
Number of Spaces between 2,000 and 4,999 sq.ft. |
Number of Spaces less than 2,000 sq.ft. |
| OFFICE MARKET |
1,251 |
48 |
125 |
178 |
409 |
491 |
| British Columbia |
153 |
3 |
12 |
13 |
51 |
74 |
| Greater Vancouver |
153 |
3 |
12 |
13 |
51 |
74 |
| Suburban Vancouver |
40 |
3 |
7 |
2 |
11 |
17 |
| Burnaby |
22 |
1 |
5 |
2 |
6 |
8 |
| OFFICE |
22 |
1 |
5 |
2 |
6 |
8 |
| All Classes |
22 |
1 |
5 |
2 |
6 |
8 |
| Class A |
16 |
1 |
5 |
2 |
3 |
5 |
| Class B |
5 |
0 |
0 |
0 |
2 |
3 |
| Class C |
1 |
0 |
0 |
0 |
1 |
0 |
Burnaby Facts
- ~9,340,422 square feet office space (note our statistic provider reduced this by 130,000 sf from the last quarter
- 14.00 % vacancy with ~1,303,417 square feet currently available
- Class “A” survey of occupancy cost psf/annum $35.54 up $.2.16 from year end.
The Leasing Facts
- 8 Buildings with more than 50,000 sf
- 29 opportunities with over 10,000 sf , 3 fewer than last quarter
- 16 spaces came onto the market and only 19 were removed.
Burnaby continues to remain a highly competitive market with the appearance of slowly stabilizing vacancy rates. There were 94, 4877 square feet of absorption. It is a crucial time to consider a focused leasing team dedicated exclusively to an owner’s property and interest, as competition for new and existing tenants will become fierce.
RGD Commercial Realty Advisors offers a unique focused approach to marketing and should you want more information on the office market, or a marketing proposal for your asset we would like to talk to you.
The Broadway Corridor Office Market is a relatively small office market adjacent to Downtown Vancouver. The market itself is a little over 4 million square feet, comprised of 81 buildings with a current vacancy rate of 5.3%, down 1.6% from the end of the year.
| |
Existing Inventory |
|
| Market Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Total Number of Existing Buildings |
Total Existing Office Area (sq. ft.) |
Total Leased Area (sq. ft.) |
Direct Available Area(sq. ft.) |
Direct Available Rate (%) |
Sublet Available Area(sq. ft.) |
Sublet Available Rate (%) |
Total Available Area (sq. ft.) |
Total Available Rate (%) |
| OFFICE MARKET |
4,477 |
478,671,340 |
433,313,803 |
38,505,012 |
8.0 |
6,852,525 |
1.4 |
45,357,537 |
9.5 |
| British Columbia |
648 |
50,576,846 |
45,280,519 |
4,213,360 |
8.3 |
1,082,967 |
2.1 |
5,296,327 |
10.5 |
| Greater Vancouver |
648 |
50,576,846 |
45,280,519 |
4,213,360 |
8.3 |
1,082,967 |
2.1 |
5,296,327 |
10.5 |
| Vancouver Periphery |
110 |
5,914,960 |
5,515,311 |
371,214 |
6.3 |
28,435 |
0.5 |
399,649 |
6.8 |
| Broadway Corridor |
74 |
3,858,737 |
3,652,877 |
196,425 |
5.1 |
9,435 |
0.2 |
205,860 |
5.3 |
| OFFICE |
74 |
3,858,737 |
3,652,877 |
196,425 |
5.1 |
9,435 |
0.2 |
205,860 |
5.3 |
| All Classes |
74 |
3,858,737 |
3,652,877 |
196,425 |
5.1 |
9,435 |
0.2 |
205,860 |
5.3 |
| Class A |
31 |
2,164,889 |
2,035,225 |
124,991 |
5.8 |
4,673 |
0.2 |
129,664 |
6.0 |
| Class B |
25 |
1,087,205 |
1,028,651 |
55,954 |
5.1 |
2,600 |
0.2 |
58,554 |
5.4 |
| Class C |
18 |
606,643 |
589,001 |
15,480 |
2.6 |
2,162 |
0.4 |
17,642 |
2.9 |
| |
|
|
|
|
|
|
|
|
|
|
|
Compared to the 100,000 square feet available at the end of the year, the change in occupied area has increased in availability to 127,000 square feet by the end of the second quarter.
The Broadway Corridor, also known as the hospital corridor, services the Vancouver General Hospital and is the home to many smaller medical type tenants. There are currently five projects that can offer more than 10,000 square feet, with only three capable of accommodating that size on a single floor.
Tenant Options Report
| Tenant Options – Available for Lease |
| Market Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Number of Buildings with Available Space |
Total Office Area for Properties with Available Space (sq. ft.) |
Buildings with Available Area greater than 50,000 sq. ft. |
Buildings with Available Area greater than 10,000 sq. ft. |
Number of Spaces from 4,000-8,000 sq. ft. |
Number of Spaces from 2,000-3,999 sq. ft. |
| OFFICE MARKET |
2,412 |
312,332,258 |
218 |
1,201 |
4,778 |
5,548 |
| British Columbia |
366 |
34,767,884 |
22 |
156 |
477 |
563 |
| Greater Vancouver |
366 |
34,767,884 |
22 |
156 |
477 |
563 |
| Vancouver Periphery |
51 |
3,114,973 |
0 |
12 |
32 |
62 |
| Broadway Corridor |
35 |
2,052,275 |
0 |
5 |
19 |
42 |
| Vancouver Outlying |
16 |
1,062,698 |
0 |
7 |
13 |
20 |
| OFFICE |
51 |
3,114,973 |
0 |
12 |
32 |
62 |
| All Classes |
51 |
3,114,973 |
0 |
12 |
32 |
62 |
| Class A |
21 |
1,638,623 |
0 |
6 |
21 |
27 |
| Class B |
20 |
1,158,717 |
0 |
4 |
11 |
24 |
| Class C |
10 |
317,633 |
0 |
2 |
0 |
11 |
As a tenant within the Broadway Corridor, it is very difficult to generate quality opportunities against which to evaluate their premises. We recommend a comprehensive market report, which would include examining downtown locations and other markets in order to be fully aware of the cost differences between the various markets. Currently, there is a rental premium to be paid on the Broadway Corridor, when compared to other suburban markets. This, however, is still not enough to drive any speculative developments.
Broadway Corridor Facts
- 385,8737 square feet office space
- 81 Buildings (-7) with ~127,000 square feet available
- No buildings currently under construction
- Class “A” survey of occupancy cost psf/annum $40.21 (+$6.72)
The Leasing Facts
- No Buildings with more than 50,000 sf
- 3 Premises with over 10,000 sf
RGD Commercial Realty Advisors offer a unique focused approach to marketing. We would be more than glad to talk to you as you seek more information regarding the office market or for a marketing proposal for your asset.
The Broadway Corridor Office Market is a relatively small office market adjacent to Downtown Vancouver. The market itself is a little over 4 million square feet, comprising of 81 buildings and has a current vacancy rate of 6.9% up 0.6% from last quarter. The vacancy remains at a competitive level with little change over the quarter.
| |
Existing Inventory |
|
| Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Total Number of Existing Buildings |
Total Existing Office Area (sq. ft.) |
Total Leased Area (sq. ft.) |
Direct Available Area
(sq. ft.) |
Direct Available Rate (%) |
Sublet Available Area
(sq. ft.) |
Sublet Available Rate (%) |
Total Available Area (sq. ft.) |
Total Available Rate (%) |
| OFFICE MARKET |
4,644 |
485,197,304 |
435,285,297 |
41,811,902 |
8.6 |
8,100,105 |
1.7 |
49,912,007 |
10.3 |
| British Columbia |
687 |
51,724,690 |
46,300,940 |
4,401,354 |
8.5 |
1,022,396 |
2.0 |
5,423,750 |
10.5 |
| Greater Vancouver |
687 |
51,724,690 |
46,300,940 |
4,401,354 |
8.5 |
1,022,396 |
2.0 |
5,423,750 |
10.5 |
| Vancouver Periphery |
117 |
6,163,853 |
5,734,570 |
340,477 |
5.5 |
88,806 |
1.4 |
429,283 |
7.0 |
| Broadway Corridor |
81 |
4,086,965 |
3,884,444 |
161,263 |
3.9 |
41,258 |
1.0 |
202,521 |
5.0 |
| Vancouver Outlying |
36 |
2,076,888 |
1,850,126 |
179,214 |
8.6 |
47,548 |
2.3 |
226,762 |
10.9 |
| OFFICE |
117 |
6,163,853 |
5,734,570 |
340,477 |
5.5 |
88,806 |
1.4 |
429,283 |
7.0 |
| All Classes |
117 |
6,163,853 |
5,734,570 |
340,477 |
5.5 |
88,806 |
1.4 |
429,283 |
7.0 |
| Class A |
47 |
3,188,362 |
3,018,857 |
131,312 |
4.1 |
38,193 |
1.2 |
169,505 |
5.3 |
| Class B |
44 |
2,189,379 |
2,000,639 |
138,127 |
6.3 |
50,613 |
2.3 |
188,740 |
8.6 |
| Class C |
26 |
786,112 |
715,074 |
71,038 |
9.0 |
0 |
0.0 |
71,038 |
9.0 |
| |
|
|
|
|
|
|
|
|
|
|
|
As to the change in occupied area, the class “A” market increase inventory by 78,864 sf in the quarter while the “B” class market had absorption of 39,866 sf.
| Existing Inventory |
| Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Total Number of Existing Buildings |
Total Existing Office Area (sq. ft.) |
Total Occupied Area (sq. ft.) |
Vacant & Leased Area
(sq. ft.) |
Sublet Vacant Area
(sq. ft.) |
Direct Available Vacant Area
(sq. ft.) |
Change in Occupied Area From Previous Quarter (sq. ft.) |
Change in Occupied Area from previous Year (sq. ft.) |
| OFFICE MARKET |
4,646 |
486,083,529 |
443,641,791 |
1,464,353 |
6,897,537 |
34,079,848 |
4,274,401 |
11,438,569 |
| British Columbia |
687 |
51,720,690 |
47,286,210 |
1,441 |
857,188 |
3,575,851 |
504,975 |
1,085,184 |
| Greater Vancouver |
687 |
51,720,690 |
47,286,210 |
1,441 |
857,188 |
3,575,851 |
504,975 |
1,085,184 |
| Vancouver Periphery |
117 |
6,163,853 |
5,851,397 |
0 |
51,408 |
261,048 |
126,437 |
249,430 |
| Broadway Corridor |
81 |
4,086,965 |
3,928,001 |
0 |
41,258 |
117,706 |
32,898 |
153,261 |
| Vancouver Outlying |
36 |
2,076,888 |
1,923,396 |
0 |
10,150 |
143,342 |
93,539 |
96,169 |
| OFFICE |
117 |
6,163,853 |
5,851,397 |
0 |
51,408 |
261,048 |
126,437 |
249,430 |
| All Classes |
117 |
6,163,853 |
5,851,397 |
0 |
51,408 |
261,048 |
126,437 |
249,430 |
| Class A |
47 |
3,188,362 |
3,066,220 |
0 |
38,193 |
83,949 |
78,864 |
117,925 |
| Class B |
44 |
2,189,379 |
2,061,951 |
0 |
13,215 |
114,213 |
39,866 |
116,543 |
| Class C |
26 |
786,112 |
723,226 |
0 |
0 |
62,886 |
7,707 |
14,962 |
The Broadway Corridor is also known as the hospital corridor servicing the Vancouver General Hospital and being home to many smaller medical type tenants. There are currently few projects that can offer more than 10,000 sf and only one that is currently available on a single floor.
Tenant Options Report
| Tenant Options – Available for Lease |
| Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Number of Buildings with Available Space |
Total Office Area for Properties with Available Space (sq. ft.) |
Buildings with Available Area greater than 50,000 sq. ft. |
Buildings with Available Area greater than 10,000 sq. ft. |
Number of Spaces from 4,000-8,000 sq. ft. |
Number of Spaces from 2,000-3,999 sq. ft. |
| OFFICE MARKET |
2,638 |
327,431,412 |
229 |
1,292 |
4,936 |
5,845 |
| British Columbia |
415 |
36,621,353 |
19 |
165 |
527 |
655 |
| Greater Vancouver |
415 |
36,621,353 |
19 |
165 |
527 |
655 |
| Vancouver Periphery |
61 |
3,990,064 |
0 |
11 |
32 |
43 |
| Broadway Corridor |
45 |
2,848,976 |
0 |
5 |
15 |
30 |
| Vancouver Outlying |
16 |
1,141,088 |
0 |
6 |
17 |
13 |
| OFFICE |
61 |
3,990,064 |
0 |
11 |
32 |
43 |
| All Classes |
61 |
3,990,064 |
0 |
11 |
32 |
43 |
| Class A |
28 |
2,058,664 |
0 |
5 |
15 |
19 |
| Class B |
23 |
1,648,245 |
0 |
5 |
17 |
17 |
As a tenant within the Broadway corridor it is very difficult to generate quality opportunities against which to evaluate their premises. We recommend a comprehensive market report that would include examining downtown locations and other markets simply to make you fully aware of the cost differences between different markets. Currently there is a rental premium to be paid on the Broadway Corridor when compared to other suburban markets, but it is still not enough to drive any speculative developments.
Broadway Corridor Facts
- ~4,086,965 (+111,343) square feet office space
- 81 Buildings (+2) with ~197,000 (+18,000) square feet available
- ~ No buildings currently under construction
- Class “A” survey of occupancy cost psf/annum $33.48 (-$3.76)
The Leasing Facts
- No Buildings with more than 50,000 sf
- 1 Premise with over 10,000 sf
RGD Commercial Realty Advisors offers a unique focused approach to marketing and should you want more information on the office market, or a marketing proposal for your asset we would like to talk to you.
The Burnaby Office Market finishes December 2010 with a vacancy rate of 11.8% down 2% from last quarter which we deem to be significant. Of interest though is that the class “A” vacancy for the first time in several quarters decreased from 15.3% to 13.7%.
Available for Lease
| Existing Inventory |
| Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Total Number of Existing Buildings |
Total Existing Office Area
(sq. ft.) |
Total Leased Area
(sq. ft.) |
Direct Available Area
(sq. ft.) |
Direct Available Rate (%) |
Sublet Available Area (sq. ft.) |
Sublet Available Rate (%) |
Total Available Area
(sq. ft.) |
Total Available Rate (%) |
| OFFICE MARKET |
4,646 |
486,083,529 |
435,923,552 |
42,096,696 |
8.7 |
8,063,281 |
1.7 |
50,159,977 |
10.3 |
| British Columbia |
687 |
51,720,690 |
46,301,319 |
4,372,651 |
8.5 |
1,046,720 |
2.0 |
5,419,371 |
10.5 |
| Greater Vancouver |
687 |
51,720,690 |
46,301,319 |
4,372,651 |
8.5 |
1,046,720 |
2.0 |
5,419,371 |
10.5 |
| Suburban Vancouver |
346 |
21,589,225 |
18,318,898 |
2,683,512 |
12.4 |
586,815 |
2.7 |
3,270,327 |
15.1 |
| Burnaby |
124 |
9,464,175 |
8,336,550 |
889,598 |
9.4 |
238,027 |
2.5 |
1,127,625 |
11.9 |
| OFFICE |
124 |
9,464,175 |
8,336,550 |
889,598 |
9.4 |
238,027 |
2.5 |
1,127,625 |
11.9 |
| All Classes |
124 |
9,464,175 |
8,336,550 |
889,598 |
9.4 |
238,027 |
2.5 |
1,127,625 |
11.9 |
| Class A |
69 |
6,608,341 |
5,700,751 |
699,351 |
10.6 |
208,239 |
3.2 |
907,590 |
13.7 |
| Class B |
41 |
2,266,053 |
2,077,940 |
160,136 |
7.1 |
27,977 |
1.2 |
188,113 |
8.3 |
| Class C |
14 |
589,781 |
557,859 |
30,111 |
5.1 |
1,811 |
0.3 |
31,922 |
5.4 |
While vacancy rates appear to have shrunk and there shows 179,000 sf of absorption in the quarter there is still little velocity in the tenant market with many companies remaining in the status quo or contemplating right sizing.
| Tenant Options – Available for Lease |
| Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Number of Buildings with Available Space |
Total Office Area for Properties with Available Space (sq. ft.) |
Buildings with Available Area greater than 50,000 sq. ft. |
Buildings with Available Area greater than 10,000 sq. ft. |
Number of Spaces from 4,000-8,000 sq. ft. |
Number of Spaces from 2,000-3,999 sq. ft. |
| OFFICE MARKET |
2,640 |
326,740,072 |
227 |
1,292 |
4,926 |
5,812 |
| British Columbia |
415 |
36,447,838 |
17 |
163 |
525 |
640 |
| Greater Vancouver |
415 |
36,447,838 |
17 |
163 |
525 |
640 |
| Suburban Vancouver |
210 |
13,736,477 |
16 |
93 |
210 |
286 |
| Burnaby |
56 |
4,593,875 |
5 |
28 |
58 |
93 |
| OFFICE |
56 |
4,593,875 |
5 |
28 |
58 |
93 |
| All Classes |
56 |
4,593,875 |
5 |
28 |
58 |
93 |
| Class A |
27 |
2,793,957 |
5 |
20 |
34 |
39 |
| Class B |
26 |
1,640,874 |
0 |
7 |
18 |
49 |
| Class C |
3 |
159,044 |
0 |
1 |
6 |
5 |
As to options for tenants, in Burnaby there are more options available to them with 28 space greater than 10,000 square feet and 5 options that could accommodate a minimum of 50,000 sf.
| Spaces Added to the Market |
| Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Total Number of Spaces Added in the past 60 days |
Number of Spaces greater than 20,000 sq.ft. |
Number of Spaces between 10,000 and 19,999 sq.ft. |
Number of Spaces between 5,000 and 9,999 sq.ft. |
Number of Spaces between 2,000 and 4,999 sq.ft. |
Number of Spaces less than 2,000 sq.ft. |
| OFFICE MARKET |
1,053 |
47 |
93 |
172 |
321 |
420 |
| British Columbia |
140 |
1 |
9 |
15 |
42 |
73 |
| Greater Vancouver |
140 |
1 |
9 |
15 |
42 |
73 |
| Suburban Vancouver |
48 |
0 |
1 |
2 |
13 |
32 |
| Burnaby |
14 |
0 |
0 |
2 |
4 |
8 |
| OFFICE |
14 |
0 |
0 |
2 |
4 |
8 |
| All Classes |
14 |
0 |
0 |
2 |
4 |
8 |
| Class A |
10 |
0 |
0 |
2 |
2 |
6 |
| Class B |
4 |
0 |
0 |
0 |
2 |
2 |
| Class C |
0 |
0 |
0 |
0 |
0 |
0 |
| Spaces Removed from the Market |
| Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Number of Spaces Removed in the past 60 days |
Number of Spaces greater than 20,000 sq.ft. |
Number of Spaces between 10,000 and 19,999 sq.ft. |
Number of Spaces between 5,000 and 9,999 sq.ft. |
Number of Spaces between 2,000 and 4,999 sq.ft. |
Number of Spaces less than 2,000 sq.ft. |
| OFFICE MARKET |
1,045 |
48 |
89 |
142 |
310 |
456 |
| British Columbia |
187 |
7 |
4 |
21 |
58 |
97 |
| Greater Vancouver |
187 |
7 |
4 |
21 |
58 |
97 |
| Suburban Vancouver |
71 |
7 |
2 |
8 |
17 |
37 |
| Burnaby |
33 |
5 |
1 |
4 |
9 |
14 |
| OFFICE |
33 |
5 |
1 |
4 |
9 |
14 |
| All Classes |
33 |
5 |
1 |
4 |
9 |
14 |
| Class A |
20 |
5 |
1 |
2 |
4 |
8 |
| Class B |
12 |
0 |
0 |
2 |
4 |
6 |
| Class C |
1 |
0 |
0 |
0 |
1 |
0 |
Burnaby Facts
- ~9,464,175 square feet office space (note our statistic provider reduced this by 188,579 sf from last quarter)
- 11.9 % vacancy with ~1,127,625 square feet currently available
- Class “A” survey of occupancy cost psf/annum $33.48 up $0.40
The Leasing Facts
- 5 Buildings with more than 50,000 sf
- 28 opportunities with over 10,000 sf , 3 fewer than last quarter
- 33 space came onto the market and only 14 were removed.
Burnaby remains a highly competitive market with the vacancy rates appearing to stabilize as all of the inventory that was under construction is now accounted for. The velocity in the last quarter was significantly more in terms of number of units removed but they are mostly less than 2,000 square feet. It is a crucial time to consider a focused leasing team dedicated exclusively to an owner’s property and working exclusively in the owner’s interest will become more and more important as competition for new and existing tenants will become fierce.
The Downtown Vancouver Office Market saw a slight increase in overall vacancy to 7.2%. Vacancy rates remained stable in the class “A” market, to 3.3% of direct space and 1.6% of sublease space for a total of 4.9%. The “B” class market increase slightly to 9.0% while the “C” market decreased slightly to 10.2%.
AVAILABLE SPACE SUMMARY
| Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Total Number of Existing Buildings |
Total Existing Office Area
(sq. ft.) |
Total Leased Area (sq. ft.) |
Direct Available Area
(sq. ft.) |
Direct Available Rate (%) |
Sublet Available Area
(sq. ft.) |
Sublet Available Rate (%) |
Total Available Area
(sq. ft.) |
Total Available Rate (%) |
| OFFICE MARKET |
4,646 |
486,083,529 |
435,923,552 |
42,096,696 |
8.7 |
8,063,281 |
1.7 |
50,159,977 |
10.3 |
| British Columbia |
687 |
51,720,690 |
46,301,319 |
4,372,651 |
8.5 |
1,046,720 |
2.0 |
5,419,371 |
10.5 |
| Greater Vancouver |
687 |
51,720,690 |
46,301,319 |
4,372,651 |
8.5 |
1,046,720 |
2.0 |
5,419,371 |
10.5 |
| Downtown Vancouver |
224 |
23,967,612 |
22,242,666 |
1,353,847 |
5.6 |
371,099 |
1.5 |
1,724,946 |
7.2 |
| Downtown |
156 |
20,479,624 |
19,105,563 |
1,042,314 |
5.1 |
331,747 |
1.6 |
1,374,061 |
6.7 |
| Gastown |
29 |
1,328,186 |
1,154,549 |
167,537 |
12.6 |
6,100 |
0.5 |
173,637 |
13.1 |
| Yaletown |
39 |
2,159,802 |
1,982,554 |
143,996 |
6.7 |
33,252 |
1.5 |
177,248 |
8.2 |
| OFFICE |
224 |
23,967,612 |
22,242,666 |
1,353,847 |
5.6 |
371,099 |
1.5 |
1,724,946 |
7.2 |
| All Classes |
224 |
23,967,612 |
22,242,666 |
1,353,847 |
5.6 |
371,099 |
1.5 |
1,724,946 |
7.2 |
| Class A |
60 |
13,191,706 |
12,490,808 |
463,720 |
3.5 |
237,178 |
1.8 |
700,898 |
5.3 |
| Class B |
82 |
6,983,081 |
6,370,965 |
486,171 |
7.0 |
125,945 |
1.8 |
612,116 |
8.8 |
| Class C |
82 |
3,792,825 |
3,380,893 |
403,956 |
10.7 |
7,976 |
0.2 |
411,932 |
10.9 |
There continues to be a variety of options for Downtown tenants however, there is now only 1 openly marketed option for tenants larger than 50,000 square feet. As to opportunities for tenants greater than 10,000 square feet, there are still 50 which is the same as last quarter.
Tenant Options Report
| Market
Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Number of buildings with available space |
Total office area for properties with available space (sq. Ft.) |
Buildings with available area greater than 50,000 sq. Ft. |
Buildings with available area greater than 10,000 sq. Ft. |
Number of spaces from 4,000-8,000 sq. Ft. |
Number of spaces from 2,000-3,999 sq. Ft. |
| OFFICE MARKET |
2,638 |
327,431,412 |
229 |
1,292 |
4,936 |
5,845 |
| British Columbia |
415 |
36,621,353 |
19 |
165 |
527 |
655 |
| Greater Vancouver |
415 |
36,621,353 |
19 |
165 |
527 |
655 |
| Downtown Vancouver |
145 |
18,932,889 |
1 |
61 |
288 |
324 |
| Downtown |
113 |
17,015,900 |
1 |
50 |
250 |
272 |
| Gastown |
12 |
677,402 |
0 |
7 |
33 |
25 |
| Yaletown |
20 |
1,239,587 |
0 |
4 |
5 |
27 |
| OFFICE |
145 |
18,932,889 |
1 |
61 |
288 |
324 |
| All Classes |
145 |
18,932,889 |
1 |
61 |
288 |
324 |
| Class A |
41 |
10,655,780 |
1 |
23 |
128 |
126 |
| Class B |
53 |
5,598,141 |
0 |
22 |
105 |
106 |
| Class C |
51 |
2,678,968 |
0 |
16 |
55 |
92 |
Downtown Vancouver Facts
- ~23,967,612 square feet office space Downtown 224 Buildings
- 1,724,946 square feet vacant
- 1 building currently under construction several being discussed
- Class “A” survey of occupancy cost psf/annum $48.82
The Leasing Facts
- 1 Buildings with more than 50,000 sf (down 1)
- 50 Premises with over 10,000 sf (same as last quarter)
Downtown Vancouver’s Office Market continues to be challenged by a lack of tenant activity, for the quarter there was about 34,000 sf of absorption. In the last 60 days there were 61 spaces added to the market and 69 units removed, while more than the previous quarter still not a significant difference in activity.
RGD Commercial Realty Advisors offers a unique focused approach to marketing and should you want more information on the office market, or a marketing proposal for your asset we would like to talk to you.
The Downtown Vancouver Office Market remains strong with vacancy rates stabilizing at 6.8%. Vacancy rates have increased in the class “A” market, and the class “C” market but have otherwise remained stable.
AVAILABLE SPACE SUMMARY
| Market Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Total Number of Existing Buildings |
Total Existing Office Area(sq. ft.) |
Total Leased Area (sq. ft.) |
Direct Available Area(sq. ft.) |
Direct Available Rate (%) |
Sublet Available Area(sq. ft.) |
Sublet Available Rate (%) |
Total Available Area (sq. ft.) |
Total Available Rate (%) |
| OFFICE MARKET |
4,649 |
485,039,204 |
431,866,860 |
43,472,010 |
9.0 |
9,700,334 |
2.0 |
53,172,344 |
11.0 |
| British Columbia |
685 |
51,588,374 |
45,897,107 |
4,625,656 |
9.0 |
1,065,611 |
2.1 |
5,691,267 |
11.0 |
| Greater Vancouver |
685 |
51,588,374 |
45,897,107 |
4,625,656 |
9.0 |
1,065,611 |
2.1 |
5,691,267 |
11.0 |
| Downtown Vancouver |
225 |
23,957,507 |
22,199,115 |
1,437,177 |
6.0 |
321,215 |
1.3 |
1,758,392 |
7.3 |
| Downtown |
157 |
20,489,533 |
19,104,807 |
1,082,470 |
5.3 |
302,256 |
1.5 |
1,384,726 |
6.8 |
| OFFICE |
157 |
20,489,533 |
19,104,807 |
1,082,470 |
5.3 |
302,256 |
1.5 |
1,384,726 |
6.8 |
| All Classes |
157 |
20,489,533 |
19,104,807 |
1,082,470 |
5.3 |
302,256 |
1.5 |
1,384,726 |
6.8 |
| Class A |
52 |
12,516,421 |
11,876,606 |
439,442 |
3.5 |
200,373 |
1.6 |
639,815 |
5.1 |
| Class B |
53 |
5,385,333 |
4,937,132 |
365,626 |
6.8 |
82,575 |
1.5 |
448,201 |
8.3 |
| Class C |
52 |
2,587,779 |
2,291,069 |
277,402 |
10.7 |
19,308 |
0.7 |
296,710 |
11.5 |
There continues to be a variety of options for Downtown tenants however, there are now only 1 openly marketed option for tenants larger than 50,000 square feet. As to opportunities for tenants greater than 10,000 square feet, there are 50 which is two more than last quarter.
Tenant Options Report
| Market Results for the geography selected are displayed below. To expand or refine your results where you have access, click on the geography labels in the Market column. |
Number of buildings with available space |
Total office area for properties with available space (sq. Ft.) |
Buildings with available area greater than 50,000 sq. Ft. |
Buildings with available area greater than 10,000 sq. Ft. |
Number of spaces from 4,000-8,000 sq. Ft. |
Number of spaces from 2,000-3,999 sq. Ft. |
| Office Market |
2,768 |
340,960,816 |
231 |
1,364 |
4,968 |
6,126 |
| British Columbia |
427 |
36,801,797 |
20 |
170 |
571 |
698 |
| Greater Vancouver |
427 |
36,801,797 |
20 |
170 |
571 |
698 |
| Downtown Vancouver |
145 |
17,900,952 |
1 |
64 |
321 |
348 |
| Downtown |
112 |
15,900,713 |
1 |
50 |
270 |
282 |
| Office |
112 |
15,900,713 |
1 |
50 |
270 |
282 |
| All classes |
112 |
15,900,713 |
1 |
50 |
270 |
282 |
| Class a |
33 |
9,080,712 |
1 |
23 |
118 |
118 |
| Class b |
40 |
4,656,553 |
0 |
17 |
89 |
94 |
| Class c |
39 |
2,163,448 |
0 |
10 |
63 |
70 |
Downtown Vancouver Facts
- ~23,957,507 square feet office space Downtown 225 Buildings
- 1,437,177 square feet vacant
- 1 buildings currently under construction
- Class “A” survey of occupancy cost psf/annum $48.82
The Leasing Facts
- 1 Buildings with more than 50,000 sf (down 1)
- 50 Premises with over 10,000 sf (up 2 opportunities)
Downtown Vancouver’s Office Market continues to be challenged by a lack of tenant activity, for the quarter there was -18,884 sf of absorption. In the quarter there were 18 spaces added to the market and 17 space removed. The fact that in the quarter there was one more space added really tells of the state of the downtown leasing market.
RGD Commercial Realty Advisors offers a unique focused approach to marketing and should you want more information on the office market, or a marketing proposal for your asset we would like to talk to you.
|
