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RGD Commercial Realty Advisors is pleased to announce a rare investment opportunity located in the heart of Downtown Vancouver. 535 Thurlow Street, a multi-tenanted, 8-storey, 60,000 square foot (approximate), “B” class building located on Thurlow Street, just south of West Pender, across the street from Bentall Centre is being offered for sale through RGD Commercial. Please contact us for more information. The Downtown Vancouver Office Market remains strong, while vacancy rates have been increasing, the overall vacancy Downtown is only 7.1%, however that is an increase from 4.2% a year prior. It is also worth noting that the class “A” vacancy rate is only 4.8% while the class “B” vacancy rate is 9.0%.
There continues to be a variety of options for Downtown tenants and there are only 5 openly marketed options for tenants larger than 50,000 square feet, but there are 53 opportunities for tenants greater than 10,000 square feet and while Downtown Vancouver witnessed negative absorption of 370,000 square feet for the year, the absorption for the second half of the year was positive. The challenge Downtown continues to be to find new or expanding tenants relocating and absorbing space. Tenant Options Report
Downtown Vancouver Facts
The Leasing Facts
Downtown Vancouver’s Office Market while challenged by the lack of new and expanding tenants, remains healthy. Without significant blocks of space being a threat to existing larger tenants, Landlords need to concentrate on renewing existing tenants at favourable rental rates. Once again the occupancy cost between Downtown and the suburban markets is poised to increase, making it harder for Downtown landlord’s to compete for new tenancies who are free to choose their 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. The Burnaby Office enters 2010 with a vacancy rate of 12.6% up from 8.4% a year prior, with over a million square feet vacant and more supply yet to be completed. Landlords are feeling anxious and wondering what it will take to fill their vacancies. On the positive side the fourth quarter of 2009 did see a slight positive absorption for the first time in 2009.
As we head into 2010, we again are expecting negative absorption as new inventory comes online in the form of; six buildings totaling 845,000 square of which only approximately 170,000 square feet is so far occupied. This could potentially result in negative absorption of 675,000 square feet or an additional 8% added to the current vacancy of 12.6% and justification for some to predict the vacancy rate to exceed 20% through 2011, and is the key reason why Landlords are nervous.
Burnaby Facts
The Leasing Facts
The Burnaby market finished the year strong, but it will continue to be very competitive and there is little absorption being competed for by several different buildings. 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. 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. Anyone who is driven knows the challenge of balancing, work, home and fitness. With that said I am proud to use, Deborah Hershberg as one of the best examples of someone who actively sets goals, organizes a plan and follows through. Deb’s success strategies not only work for her Real Estate clients but are also evident in her personal successes, most recently being named Innovative Fitness’s Iron Person of the Year. Congratulations Deb on another goal accomplished. West Vancouver – Deb Astles
When Deb came to us in February of 2008 she was dead set against events or any sort of destination. Her focus was to tone up and just ‘be in shape’. It took 6-9 months before the concept of training for something really kicked in. During a program meeting over coffee, she revealed her intensions towards wanting to finally train for something and this was where we saw her detailed nature come out. Her notes were quite meticulous. She was already doing her own food logs and keeping track of everything she did including heart rates and intensities. Deb had already researched an event and knew exactly how fast to run in order to match her age group from past years. All she needed was some trail running gear and we ending up in the trails training right away. The intention of running an easy 10km turned into a half marathon entry. ‘If you’re going to do it, you gotta go for it’, she remarked. She was aiming for a half marathon in the trails and after another conversation about triathlons she proceeded to sign-up for an Olympic distance tri.The fall and spring came and went and we all smiled when we found out that she had signed up for a Half Iron Man! From not wanting to do any events to being at every event in 2009, crushing the nutrition challenge and becoming friends with every participant creating a community, we knew she was well on her way to become an Iron Person of the year… Happy New Year everybody! It is now 2010 and a new and exciting year is now here. We have lots of changes planned for our online presence here at RGDCommercial.com. We’ve changed the back-end of our website system for more flexibility for us to bring you new and more up-to-date office lease listings. We’ve also implemented this new and improved blog. Rob and the team at RGD Commercial will be actively posting in the blog to bring you the very latest information on office leasing in Vancouver. All of us at RGD Commercial wish you the best in 2010! |
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