{"id":15662,"date":"2014-04-10T18:08:18","date_gmt":"2014-04-10T22:08:18","guid":{"rendered":"http:\/\/traceyarial.com\/blog\/?p=15662"},"modified":"2014-04-10T18:08:18","modified_gmt":"2014-04-10T22:08:18","slug":"vancouver-office-stalled","status":"publish","type":"post","link":"https:\/\/traceyarial.com\/blog\/en\/vancouver-office-stalled\/","title":{"rendered":"Office demand in Vancouver stalled"},"content":{"rendered":"

There\u2019s a lot of excitement in the Vancouver market recently, primarily due to three big developments due to open next year. Still, the top expert in the market says there\u2019s now a lull.<\/p>\n

\"BartCorbett\"<\/a>When three or four buildings came out of the ground, they got a lot of immediate take-up with pre-leasing so that\u2019s positive, but there\u2019s been a bit of lull in existing clients taking a look at the offering,\u201d says Bart Corbett, Cushman & Wakefield\u2019s top producing tenant representative.\u00a0Maybe we\u2019ll have to hunker down for the next 24 months.\u201d<\/span><\/p><\/blockquote>\n

The lack of announcements from three other projects now underway backs his assertion. The Credit Swisse project that will incorporate the former Vancouver Stock Exchange building has no committed tenants for now. The Sears building renovation still has lots of space available too. The leasing agent for the CDAE building says they\u2019re talking to a potential anchor tenant, but Corbett doesn\u2019t know who it might be.<\/p>\n

Plans for an additional seven buildings close to the downtown core could get underway anytime, but Corbett doesn\u2019t think they will.<\/p>\n

There\u2019s lots of new supply potential, but you\u2019ve got to think that those six or seven property owners are going to think long and hard before they commit to buildings unless they can find a pre-lease tenant or an anchor tenant.\u201d<\/p><\/blockquote>\n

Vancouver\u2019s position as the fourth market for office development in Canada limits its potential, says Corbett. \u201cWe\u2019re not known for explosive growth like Calgary. We don\u2019t have the depth of corporate Canada like Toronto, and in some ways Montreal.\u201d<\/p>\n

His best hopes come from the tech industry, especially if you count Telus among them.<\/p>\n

Telus\u2019s decision to establish Telus Gardens downtown is the most notable of the new developments, he says, especially now that Amazon and Bull Housser & Tupper will also take space in the complex.<\/p>\n

Other tech companies may follow their lead.<\/p>\n

Facebook has quietly come into market,\u201d says Corbett. \u201cTwitter is looking for space. Microsoft is in our city, and there are rumours that they\u2019re looking for expansion.\u201d<\/p><\/blockquote>\n

Meanwhile, SNC Lavalin has taken the majority of the 754 Thurlow Building, and McCarthy Tetrault has joined them.<\/p>\n

The 1021 West Hastings site is also close to fully-leased, with MNP, CBRE, Atimi and Gencom all ready to move into the building next year.<\/p>\n

Note: This article appears on page 40 of the\u00a0Spring 2014\u00a0<\/a>issue of Canadian Real Estate Magazine.<\/p>\n","protected":false},"excerpt":{"rendered":"

There\u2019s a lot of excitement in the Vancouver market recently, primarily due to three big developments due to open next year. Still, the top expert in the market says there\u2019s now a lull. When three or four buildings came out of the ground, they got a lot of immediate take-up with pre-leasing so that\u2019s positive, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_wp_convertkit_post_meta":{"form":"-1","landing_page":"0","tag":"0","restrict_content":"0"},"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[30],"tags":[283,284,280,282,265,281],"class_list":["post-15662","post","type-post","status-publish","format-standard","hentry","category-canada","tag-bart-corbett","tag-cushman-wakefield","tag-lull","tag-office","tag-real-estate","tag-vancouver","post-wrapper","thrv_wrapper"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p2buQs-44C","jetpack-related-posts":[{"id":15667,"url":"https:\/\/traceyarial.com\/blog\/en\/vancouver_office\/","url_meta":{"origin":15662,"position":0},"title":"Growth, Transit and Desires Drive Vancouver Office Development","author":"Tracey Arial","date":"May 10, 2014","format":false,"excerpt":"Almost four million square feet of new office construction is currently underway or proposed within downtown Vancouver and its surrounding suburbs. Almost all of the new space in the downtown core is pre-leased, but the suburban half won\u2019t be so quickly absorbed, says Deloitte\u2019s real estate director, Jennifer Podmore Russell.\u2026","rel":"","context":"In "Canada"","block_context":{"text":"Canada","link":"https:\/\/traceyarial.com\/blog\/en\/category\/canada\/"},"img":{"alt_text":"59428_1391703852_jenniferpodmore","src":"https:\/\/i0.wp.com\/traceyarial.com\/blog\/wp-content\/uploads\/59428_1391703852_jenniferpodmore-300x204.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1592,"url":"https:\/\/traceyarial.com\/blog\/en\/mark_renzoni\/","url_meta":{"origin":15662,"position":1},"title":"Steady as she goes","author":"Tracey Arial","date":"May 7, 2013","format":false,"excerpt":"Stable markets, continued low interest rates and strong capital markets will offset possible slow-downs in residential construction and jobs in the coming year for a cautiously optimistic overlook overall. \u201cThere\u2019s going to be a steady real estate market for all of Canada, especially for the major markets of Vancouver, Calgary\u2026","rel":"","context":"In "Canada"","block_context":{"text":"Canada","link":"https:\/\/traceyarial.com\/blog\/en\/category\/canada\/"},"img":{"alt_text":"COO of CBRE","src":"https:\/\/i0.wp.com\/traceyarial.com\/blog\/wp-content\/uploads\/Renzoni.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":15670,"url":"https:\/\/traceyarial.com\/blog\/en\/edmonton_retailers\/","url_meta":{"origin":15662,"position":2},"title":"Edmonton Retailers Thrive, Despite Challenges","author":"Tracey Arial","date":"May 17, 2014","format":false,"excerpt":"If they can even find a location to rent, retailers in Edmonton can expect to pay high rents driven by constriction costs that are typically 40% higher than other markets. Despite these challenges, the market is well-worth entering, says Brett Killips, an associate partner with Cushman & Wakefield. Those who\u2026","rel":"","context":"In "Canada"","block_context":{"text":"Canada","link":"https:\/\/traceyarial.com\/blog\/en\/category\/canada\/"},"img":{"alt_text":"Killips, Brett(1)","src":"https:\/\/i0.wp.com\/traceyarial.com\/blog\/wp-content\/uploads\/Killips-Brett1.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":15614,"url":"https:\/\/traceyarial.com\/blog\/en\/achieving-growth-in-montreal\/","url_meta":{"origin":15662,"position":3},"title":"Achieving Growth in the Montreal Market","author":"Tracey Arial","date":"April 7, 2014","format":false,"excerpt":"A lack of employment growth and political uncertainty are hindering major growth in Montreal now, but quality top-of-line buildings and good retro-fits will do well over time, says a key Quebec developer. There is still a desire for quality,\u201d says Daniel Peritz, a senior vice-president with Canderel Management. \u201cI think\u2026","rel":"","context":"In "Island Report"","block_context":{"text":"Island Report","link":"https:\/\/traceyarial.com\/blog\/en\/category\/canada\/island-report\/"},"img":{"alt_text":"daniel_peritz_headshot","src":"https:\/\/i0.wp.com\/traceyarial.com\/blog\/wp-content\/uploads\/daniel_peritz_headshot.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1148,"url":"https:\/\/traceyarial.com\/blog\/en\/who-decides-for-seniors-living-in-low-income-housing\/","url_meta":{"origin":15662,"position":4},"title":"Who Decides for Seniors Living in Low-Income Housing?","author":"Tracey Arial","date":"August 4, 2011","format":false,"excerpt":"\u00a0 \u00a0 Fifty of the hundred seniors living at 760 Gamelin have signed a petition in favour of reinstating their tenants\u2019 association, but a spokesperson for the low-income housing authority that runs their building says their request will be refused. \u201cThey can work in collaboration with us, but they can\u2019t\u2026","rel":"","context":"In "LaSalle"","block_context":{"text":"LaSalle","link":"https:\/\/traceyarial.com\/blog\/en\/category\/canada\/lasalleposts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/traceyarial.com\/blog\/wp-content\/uploads\/760chuteAug2011.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1219,"url":"https:\/\/traceyarial.com\/blog\/en\/low-income-seniors-get-locked-up\/","url_meta":{"origin":15662,"position":5},"title":"Low Income Seniors Get Locked Up","author":"Tracey Arial","date":"October 5, 2012","format":false,"excerpt":"After weeks of complaining about bug infestations and smells, seniors in public housing have been informed that they\u2019ll be getting new locks for their doors. Staff from the Office municipal d\u2019habitation de Montreal (OMHM) met with tenants at 720 and 760 Gamelin in early and mid-September to tell them about\u2026","rel":"","context":"In "LaSalle"","block_context":{"text":"LaSalle","link":"https:\/\/traceyarial.com\/blog\/en\/category\/canada\/lasalleposts\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/traceyarial.com\/blog\/wp-json\/wp\/v2\/posts\/15662","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/traceyarial.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/traceyarial.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/traceyarial.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/traceyarial.com\/blog\/wp-json\/wp\/v2\/comments?post=15662"}],"version-history":[{"count":1,"href":"https:\/\/traceyarial.com\/blog\/wp-json\/wp\/v2\/posts\/15662\/revisions"}],"predecessor-version":[{"id":15664,"href":"https:\/\/traceyarial.com\/blog\/wp-json\/wp\/v2\/posts\/15662\/revisions\/15664"}],"wp:attachment":[{"href":"https:\/\/traceyarial.com\/blog\/wp-json\/wp\/v2\/media?parent=15662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/traceyarial.com\/blog\/wp-json\/wp\/v2\/categories?post=15662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/traceyarial.com\/blog\/wp-json\/wp\/v2\/tags?post=15662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}