Francine Tracey


Home | Contact

Market Commentary

Summary of Colliers International Q3 Office Market Report
November 21, 2012 @ 12:36 AM by:
Posted in Commercial Market News | Sign up to receive our Newsletter | Back to Main Blog Page

 

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

 

Burnaby:

 

  • 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
Sign up to receive our Newsletter | Back to Main Blog Page
 

Broker Corporate Office - 426 Willingdon Ave, Burnaby, BC V5C 5G4 | Brokerage #123456
License# 112233 | Copyright © 2019 All Rights Reserved

Mortgage Website Powered by Roar Solutions