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
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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.