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Summary of Colliers International Q3 Office Market Report
November 21, 2012 @ 12:36 AM by:
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Summary of Colliers International Office Report


Metro- Vancouver:


  • Leasing remained flat, highest activity was tenant renewals. 
  • Slight increase in availability rate to 8.8%.
  • Suburban Class A office space showed negative absorption of 9,955 sf
  • Over 1,000,000 sf of suburban class A office space is currently under construction in suburban markets.
  • Downtown vacancy rate is low at 3.5% making it difficult for tenants to move around.
  • Investment activity was slow with two notable Class C buildings of over 160,000 sf sold
  • Rental rates remain constant




  • 26,199 sf of absorption for total of the suburbs
  • Burnaby’s activity mostly tenant renewals.
  • Burnaby’s vacancy rate stands at 11%
  • Burnaby was the most notable investment market of the suburbs.
  • Acquisition included Bosa Developments purchase of 4488 Halifax with 18,299 sf of land and Sperling Plaza’s 132,000 sf from Bentall Kennedy.


Upcoming:  HSBC is moving into the Broadway Tech Center, and the Provincial Health Authority is relocating to 1795 Willingdon Avenue, both moves to lower vacancy in the Burnaby market to a more balanced level.


Advice for landlords regarding workspace design trends: 


  • Tenant layouts should be open and less segregated with collaborative meeting rooms replacing private offices. 
  • Average sf office space per person is shrinking, expected to reduce to 100 sf per person by 2017
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