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.
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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
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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.