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RGD Commercial is pleased to announce the final sale of 535 Thurlow Street in Downtown Vancouver. This quality office building sold at a sub 5% capitalization rate for $15,250,000. After soliciting fifteen written offers and cooperating with multiple agencies RGD Commercial set a new precedent for representing an owner’s interest and maximizing the sale price.
To find out how to maximize the value of your asset through sale we welcome the opportunity to speak with 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, comprising of 79 buildings and has a current vacancy rate of only 6.3%. The vacancy remains at a competitive level with little change over the quarter.
| AVAILABLE SPACE SUMMARY |
AS OF
April 26, 2010 |
NUMBER
OF
BUILDINGS |
TOTAL
OFFICE
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
(%) |
| GREATER VANCOUVER MARKET |
669 |
50,852,579 |
4,267,795 |
8.4 |
1,087,250 |
2.1 |
5,355,045 |
10.5 |
| VANCOUVER PERIPHERY DISTRICT |
114 |
5,989,922 |
413,824 |
6.9 |
89,203 |
1.5 |
503,027 |
8.4 |
| BROADWAY CORRIDOR NODE |
79 |
3,975,622 |
197,811 |
5.0 |
51,039 |
1.3 |
248,850 |
6.3 |
| CLASS A |
31 |
2,084,030 |
136,940 |
6.6 |
28,432 |
1.4 |
165,372 |
7.9 |
| CLASS B |
29 |
1,302,817 |
42,058 |
3.2 |
21,926 |
1.7 |
63,984 |
4.9 |
| CLASS C |
19 |
588,775 |
18,813 |
3.2 |
681 |
0.1 |
19,494 |
3.3 |
|
As to the change in occupied area, the class “A” market lost 22,000 sf in the quarter while the “B” and “C” class markets have shown modest absorption.
AS OF
Q1 2010 |
NUMBER
OF
BUILDINGS |
TOTAL
OFFICE
AREA
(SQ. FT.) |
TOTAL
OCCUPIED
AREA
(SQ. FT.) |
VACANT
&
LEASED
(SQ. FT.) |
SUBLET
VACANT
AREA
(SQ. FT.) |
DIRECT
AVAILABLE
VACANT
(SQ. FT.) |
CHANGE IN
OCCUPIED
AREA. FROM
PREV. QTR
(SQ. FT.) |
CHANGE IN
OCCUPIED
AREA. FROM
PREV. YEAR
(SQ. FT.) |
| Greater Vancouver MARKET |
669 |
50,852,579 |
46,006,171 |
189,825 |
949,552 |
3,707,031 |
-198,777 |
-964,836 |
| Vancouver Periphery DISTRICT |
114 |
5,989,922 |
5,568,222 |
0 |
75,876 |
345,824 |
-19,863 |
17,877 |
| Broadway Corridor NODE |
79 |
3,975,622 |
3,759,067 |
0 |
46,770 |
169,785 |
-9,291 |
3,812 |
| CLASS A |
31 |
2,084,030 |
1,967,323 |
0 |
25,586 |
91,121 |
-22,426 |
54,758 |
| CLASS B |
29 |
1,302,817 |
1,222,435 |
0 |
20,503 |
59,879 |
6,279 |
-37,209 |
| CLASS C |
19 |
588,775 |
569,309 |
0 |
681 |
18,785 |
6,856 |
-13,737 |
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 remains only one building that could accommodate more than 50,000 square feet, however it is rumored that those premises will soon be under contract. As to other vacancies there are very few opportunities for 10,000 square feet, but there are more than last quarter.
Tenant Options Report
| COMPARISON OF LEASING OPTIONS FOR TENANTS |
OFFICE SPACES AT SELECTED NODES
(Market – District – Node – Class) |
|
AVAILABLE SPACE |
AVAILABLE RATE |
NUMBER
OF
BUILDINGS |
BUILDINGS WITH
MORE THAN
50,000 SF |
BUILDINGS WITH
MORE THAN
10,000 SF |
NUMBER OF
SPACES BETWEEN
4,000 TO
8,000 SF |
DIRECT
% |
SUBLET
% |
TOTAL
% |
| Greater Vancouver MARKET |
641 |
18 |
151 |
164 |
8.3 |
2.0 |
10.3 |
| Vancouver DISTRICT |
300 |
5 |
71 |
88 |
5.5 |
1.7 |
7.2 |
| Broadway Corridor NODE |
81 |
1 |
6 |
9 |
5.6 |
1.0 |
6.6 |
| CLASS A |
33 |
1 |
4 |
5 |
5.7 |
1.2 |
6.9 |
| CLASS B |
30 |
0 |
2 |
3 |
5.8 |
1.0 |
6.8 |
| CLASS C |
18 |
0 |
0 |
1 |
4.9 |
0.1 |
5.0 |
|
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
- ~3,975,622 square feet office space
- 79 Buildings with ~169,000 square feet available
- No buildings currently under construction
- Class “A” survey of occupancy cost psf/annum $37.24
The Leasing Facts
- 1 Buildings with more than 50,000 sf
- 6 Premises 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 enters the second quarter of 2010 with a vacancy rate of 13% up slightly from last quarter, of interest though is that the class “A” vacancy has increased to 14.6%, and the market is quickly approaching a million square feet vacant as vacancy increased another 80,000 square feet last quarter with negative absorption in all building classes.
| AVAILABLE SPACE SUMMARY |
AS OF
April 26, 2010 |
NUMBER
OF
BUILDINGS |
TOTAL
OFFICE
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
(%) |
| GREATER VANCOUVER MARKET |
669 |
50,852,579 |
4,267,795 |
8.4 |
1,087,250 |
2.1 |
5,355,045 |
10.5 |
| SUBURBAN DISTRICT |
285 |
18,818,019 |
2,426,836 |
12.9 |
623,983 |
3.3 |
3,050,819 |
16.2 |
| BURNABY NODE |
122 |
9,459,719 |
978,593 |
10.3 |
246,719 |
2.6 |
1,225,312 |
13.0 |
| CLASS A |
67 |
6,464,189 |
740,627 |
11.5 |
206,373 |
3.2 |
947,000 |
14.6 |
| CLASS B |
42 |
2,434,749 |
163,966 |
6.7 |
38,535 |
1.6 |
202,501 |
8.3 |
| CLASS C |
13 |
560,781 |
74,000 |
13.2 |
1,811 |
0.3 |
75,811 |
13.5 |
While vacancy rates continue to climb due to new inventory there is still very little velocity in the tenant market with many companies remaining in the status quo or contemplating right sizing. |
|
AS OF
Q1 2010 |
NUMBER
OF
BUILDINGS |
TOTAL
OFFICE
AREA
(SQ. FT.) |
TOTAL
OCCUPIED
AREA
(SQ. FT.) |
VACANT
&
LEASED
(SQ. FT.) |
SUBLET
VACANT
AREA
(SQ. FT.) |
DIRECT
AVAILABLE
VACANT
(SQ. FT.) |
CHANGE IN
OCCUPIED
AREA. FROM
PREV. QTR
(SQ. FT.) |
CHANGE IN
OCCUPIED
AREA. FROM
PREV. YEAR
(SQ. FT.) |
| Greater Vancouver MARKET |
669 |
50,852,579 |
46,006,171 |
189,825 |
949,552 |
3,707,031 |
-198,777 |
-964,836 |
| Suburban DISTRICT |
285 |
18,818,019 |
15,987,865 |
95,325 |
492,038 |
2,242,791 |
-107,020 |
-714,454 |
| Burnaby NODE |
122 |
9,459,719 |
8,236,003 |
95,325 |
226,348 |
902,043 |
-80,295 |
-307,757 |
| CLASS A |
67 |
6,464,189 |
5,505,336 |
95,325 |
196,946 |
666,582 |
-49,006 |
-189,719 |
| CLASS B |
42 |
2,434,749 |
2,243,886 |
0 |
29,402 |
161,461 |
-14,114 |
-68,282 |
| CLASS C |
13 |
560,781 |
486,781 |
0 |
0 |
74,000 |
-17,175 |
-49, |
|
As to options for tenants, again in all categories tenants have more options available to them with 150 space greater than 10,000 square feet and 50 options that could accommodate a minimum of 50,000 sf.
Tenant Options Report
| COMPARISON OF LEASING OPTIONS FOR TENANTS |
OFFICE SPACES AT SELECTED NODES
(Market – District – Node – Class) |
|
AVAILABLE SPACE |
AVAILABLE RATE |
NUMBER
OF
BUILDINGS |
BUILDINGS WITH
MORE THAN
50,000 SF |
BUILDINGS WITH
MORE THAN
10,000 SF |
NUMBER OF
SPACES BETWEEN
4,000 TO
8,000 SF |
DIRECT
% |
SUBLET
% |
TOTAL
% |
| Greater Vancouver MARKET |
669 |
18 |
150 |
182 |
8.4 |
2.1 |
10.5 |
| Suburban DISTRICT |
285 |
14 |
74 |
79 |
12.9 |
3.3 |
16.2 |
| Burnaby NODE |
122 |
7 |
28 |
33 |
10.3 |
2.6 |
13.0 |
| CLASS A |
67 |
7 |
18 |
16 |
11.5 |
3.2 |
14.6 |
| CLASS B |
42 |
0 |
7 |
10 |
6.7 |
1.6 |
8.3 |
| CLASS C |
13 |
0 |
3 |
7 |
13.2 |
0.3 |
13.5 |
Burnaby Facts
- ~9,459,719 square feet office space
- 13.0 % vacancy with ~1,225,312 square feet currently available
- ~ 845,000 square feet under construction
- Class “A” survey of occupancy cost psf/annum $35.91
The Leasing Facts
- 18, up from 5 Buildings with more than 50,000 sf
- 150 opportunities with over 10,000 sf as of April 2010
Statistically Burnaby is moving significantly towards a highly competitive market with the vacancy rate continuing to rise, the number of opportunities for tenants is increasing drastically and very few active qualified tenants. 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.
The Downtown Vancouver Office Market remains strong, with vacancy rates increasing slightly in the first quarter of 2010, The Downtown vacancy is only 7.2%. It is also worth noting that the class “A” vacancy rate is only 5.0% while the class “B” vacancy rate decreased by 1% in the quarter to 8.0%.
AVAILABLE SPACE SUMMARY
AS OF
March 28th 2010 |
NUMBER
OF
BUILDINGS |
TOTAL
OFFICE
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
(%) |
| GREATER VANCOUVER MARKET |
668 |
50,814,678 |
3,684,227 |
7.3 |
9,54,012 |
1.9 |
4,828,064 |
9.5 |
| DOWNTOWN DISTRICT |
221 |
23,825,663 |
1,358,359 |
5.7 |
362,801 |
1.5 |
1,721,160 |
7.2 |
| CLASS A |
58 |
13,062,231 |
472,472 |
3.6 |
181,177 |
1.4 |
653,649 |
5.0 |
| CLASS B |
79 |
6,850,575 |
415,455 |
6.1 |
134,205 |
2.0 |
549,660 |
8.0 |
| CLASS C |
84 |
3,912,857 |
470,432 |
12.0 |
47,419 |
1.2 |
517,851 |
13.2 |
There continues to be a variety of options for Downtown tenants however, there are only 2 openly marketed options for tenants larger than 50,000 square feet, and one of those premises is now under contract. As to opportunities for tenants greater than 10,000 square feet, there are 48 or 5 fewer than last quarter.
Tenant Options Report
| COMPARISON OF LEASING OPTIONS FOR TENANTS |
OFFICE SPACES AT SELECTED NODES
(Market – District – Node – Class) |
|
AVAILABLE SPACE |
AVAILABLE RATE |
NUMBER
OF
BUILDINGS |
BUILDINGS WITH
MORE THAN
50,000 SF |
BUILDINGS WITH
MORE THAN
10,000 SF |
NUMBER OF
SPACES BETWEEN
4,000 TO
8,000 SF |
DIRECT
% |
SUBLET
% |
TOTAL
% |
| Greater Vancouver MARKET |
668 |
18 |
156 |
182 |
8.7 |
2.2 |
10.9 |
| Vancouver DISTRICT |
221 |
2 |
61 |
85 |
5.7 |
1.5 |
7.2 |
| Downtown Vancouver NODE |
155 |
2 |
48 |
70 |
5.1 |
1.6 |
6.7 |
| CLASS A |
50 |
2 |
23 |
30 |
3.5 |
1.5 |
4.9 |
| CLASS B |
52 |
0 |
19 |
26 |
6.6 |
2.2 |
8.7 |
| CLASS C |
53 |
0 |
6 |
14 |
9.7 |
1.0 |
10.7 |
Downtown Vancouver Facts
- ~23,825,663 square feet office space
- 221 Buildings with ~1,721,160 square feet vacant (up)
- No buildings currently under construction
- Class “A” survey of occupancy cost psf/annum $57.41(same)
The Leasing Facts
- 2 Buildings with more than 50,000 sf (up two buildings in 6 months)
- 48 Premises with over 10,000 sf (down 5 opportunities)
Downtown Vancouver’s Office Market while challenged by the lack of new and expanding tenants, remains healthy with the absence of any significant new developments. 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 increasing as both Burnaby and Richmond Landlords are forced to complete harder for tenants.
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.
We are pleased to announce that after thoroughly exposing 535 Thurlow Street to the market the building is now under contract. While the Vendor is surprised by the level of interest and the number of potential buyers, we were not. Following our core principle, to operate in our client’s best interest, we cooperated with all sources and had no shortage of interests, and a significant number of buyers willing to compete at the upper price range. In the end we had dealings with many agents and buyers capable of generating offers. To date we have received written offers from fifteen parties that include eight different brokerage offices and multiple salespeople representing different buyers from within those same brokerage firms. In fact one of the brokers said; ”I would never have got a shot at this had the building been listed with my firm”
Through our process we confirmed that it is beneficial to truly cooperate and to stay true to your clients looking for the right deal rather then the first or easy deal. Through exposure and cooperation we are able to bring true value to our client.
If you are curious about our sales process and what sets our team apart we are always interested in discussing our philosophy and client centred principles with you.
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%.
AS OF
January 11, 2010 |
NUMBER
OF
BUILDINGS |
TOTAL
OFFICE
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
(%) |
| GREATER VANCOUVER MARKET |
628 |
49,456,480 |
4,113,842 |
8.3 |
1,009,869 |
2.0 |
5,123,711 |
10.4 |
| VANCOUVER DISTRICT |
298 |
27,848,522 |
1,523,774 |
5.5 |
505,484 |
1.8 |
2,029,258 |
7.3 |
| CLASS A |
49 |
12,383,136 |
405,606 |
3.3 |
183,987 |
1.5 |
589,593 |
4.8 |
| CLASS B |
52 |
5,305,242 |
334,051 |
6.3 |
145,999 |
2.8 |
480,050 |
9.0 |
| CLASS C |
51 |
2,645,027 |
308,777 |
11.7 |
65,930 |
2.5 |
374,707 |
14.2 |
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
| COMPARISON OF LEASING OPTIONS FOR TENANTS |
OFFICE SPACES AT SELECTED NODES
(Market – District – Node – Class) |
|
AVAILABLE SPACE |
AVAILABLE RATE |
NUMBER
OF
BUILDINGS |
BUILDINGS WITH
MORE THAN
50,000 SF |
BUILDINGS WITH
MORE THAN
10,000 SF |
NUMBER OF
SPACES BETWEEN
4,000 TO
8,000 SF |
DIRECT
% |
SUBLET
% |
TOTAL
% |
| Greater Vancouver MARKET |
628 |
19 |
148 |
165 |
8.3 |
2.0 |
10.4 |
| Vancouver DISTRICT |
298 |
6 |
68 |
88 |
5.5 |
1.8 |
7.3 |
| Downtown Vancouver NODE |
152 |
5 |
53 |
64 |
5.2 |
1.9 |
7.1 |
| CLASS A |
49 |
3 |
22 |
26 |
3.3 |
1.5 |
4.8 |
| CLASS B |
52 |
0 |
21 |
24 |
6.3 |
2.8 |
9.0 |
| CLASS C |
51 |
2 |
10 |
14 |
11.7 |
2.5 |
14.2 |
Downtown Vancouver Facts
- ~20,333,000 square feet office space
- 152 Buildings with ~1,444,000 square feet vacant (down)
- ~ No buildings currently under construction
- Class “A” survey of occupancy cost psf/annum $57.41(up)
The Leasing Facts
- 5 Buildings with more than 50,000 sf (up two buildings in 6 months)
- 53 Premises with over 10,000 sf as of July 2009 (up 5 opportunities)
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.
| AVAILABLE SPACE SUMMARY |
AS OF
January 11, 2010 |
NUMBER
OF
BUILDINGS |
TOTAL
OFFICE
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
(%) |
| GREATER VANCOUVER MARKET |
628 |
49,456,480 |
4,113,842 |
8.3 |
1,009,869 |
2.0 |
5,123,711 |
10.4 |
| BURNABY DISTRICT |
105 |
8,533,272 |
855,048 |
10.0 |
219,285 |
2.6 |
1,074,333 |
12.6 |
| CLASS A |
61 |
6,075,958 |
623,598 |
10.3 |
198,214 |
3.3 |
821,812 |
13.5 |
| CLASS B |
36 |
2,102,290 |
177,937 |
8.5 |
21,071 |
1.0 |
199,008 |
9.5 |
| CLASS C |
8 |
355,024 |
53,513 |
15.1 |
0 |
0.0 |
53,513 |
15.1 |
|
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.
| Address |
Area(square feet) |
Floor Plate Size(square feet) |
Number of floors |
| Metrotower III4730 Kingsway |
400,000 |
16,000 |
25 |
| Commerce @ Citi4445 Lougheed Highway |
110,000 |
10,000 |
11 |
| Willingdon Park Phase 84350 Still Creek Drive |
92,509 |
25,000 |
4 |
| Willingdon Park Phase 94370 Still Creek Drive |
92,509 |
23,125 |
4 |
| Broadway Tech Centre Building 52930 Virtual Way |
75,000 |
25,000 |
3 |
| Broadway Tech Centre Building 72940 Virtual Way |
75,000 |
25,000 |
3 |
Burnaby Facts
- ~8,533,272 square feet office space
- 9 Buildings with ~1,081,332 square feet vacant
- 12.6 % vacancy with ~1,074,333 square feet currently available
- ~ 845,000 square feet under construction
- Class “A” survey of occupancy cost psf/annum $36.28
The Leasing Facts
- 5 Buildings with more than 50,000 sf
- 38 Premises in 26 Buildings with over 10,000 sf as of December 2009
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.
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 only 5.5%. The vacancy is low but does reflect a 260% increase from a year prior.
ROLLING FIVE QUARTER HISTORICAL DATA
| |
NUMBER OF BUILDINGS |
TOTAL OFFICE AREA
(SQ. FT.) |
TOTAL OCCUPIED AREA
(SQ. FT.) |
VACANT & LEASED
(SQ. FT.) |
SUBLET VACANT AREA
(SQ. FT.) |
DIRECT AVAILABLE VACANT
(SQ. FT.) |
TOTAL VACANT AREA
(SQ. FT.) |
TOTAL VACANT RATE
(%) |
| Current |
81 |
4,127,299 |
3,900,926 |
0 |
41,361 |
185,012 |
226,373 |
5.5 |
| Q4 2009 |
81 |
4,127,299 |
3,920,926 |
0 |
48,459 |
157,914 |
206,373 |
5.0 |
| Q3 2009 |
80 |
4,042,299 |
3,863,513 |
0 |
51,322 |
127,464 |
178,786 |
4.4 |
| Q2 2009 |
80 |
4,042,299 |
3,919,692 |
0 |
24,853 |
97,754 |
122,607 |
3.0 |
| Q1 2009 |
80 |
4,042,299 |
3,904,550 |
0 |
8,406 |
129,343 |
137,749 |
3.4 |
| Q4 2008 |
80 |
4,042,299 |
3,955,121 |
0 |
4,000 |
83,178 |
87,178 |
2.2 |
The Broadway Corridor is also known as the hospital corridor servicing the Vancouver General Hospital and being home to many smaller medical type tenants. Currently there is only one building that could accommodate more than 50,000 square feet, being 1818 Cornwall Avenue which has limited lease term as the ownership explores the best future for the site. www.1818cornwall.com. As to other vacancies there are very few opportunities for 10,000 square feet and only one or two in a traditional “A” class office facility.
Tenant Options Report
| COMPARISON OF LEASING OPTIONS FOR TENANTS |
OFFICE SPACES AT SELECTED NODES
(Market – District – Node – Class) |
|
AVAILABLE SPACE |
AVAILABLE RATE |
NUMBER
OF
BUILDINGS |
BUILDINGS WITH
MORE THAN
50,000 SF |
BUILDINGS WITH
MORE THAN
10,000 SF |
NUMBER OF
SPACES BETWEEN
4,000 TO
8,000 SF |
DIRECT
% |
SUBLET
% |
TOTAL
% |
| Greater Vancouver MARKET |
641 |
18 |
151 |
164 |
8.3 |
2.0 |
10.3 |
| Vancouver DISTRICT |
300 |
5 |
71 |
88 |
5.5 |
1.7 |
7.2 |
| Broadway Corridor NODE |
81 |
1 |
6 |
9 |
5.6 |
1.0 |
6.6 |
| CLASS A |
33 |
1 |
4 |
5 |
5.7 |
1.2 |
6.9 |
| CLASS B |
30 |
0 |
2 |
3 |
5.8 |
1.0 |
6.8 |
| CLASS C |
18 |
0 |
0 |
1 |
4.9 |
0.1 |
5.0 |
|
The Broadway Corridor has no immediate development, and should not see a significant increase in vacancy other than from the potential relocation of a tenant that can no longer be accommodated within the Downtown core.
As a tenant within the Broadway corridor it is very difficult to generate quality opportunities against which to evaluate your own 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
- 4,127,299 square feet office space
- Buildings with ~180,000 square feet available
- No buildings currently under construction
- Class “A” survey of occupancy cost psf/annum $37.11
The Leasing Facts
- Buildings with more than 50,000 sf
- Premises 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.
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…
Congratulations Deb, the team in West Van is very proud of you!
|
