Vancouver Office and Industrial News July 2012 – Source Colliers International News Service
Office: Metro Vancouver Vacancy rates have inched marginally lower from 7.7 % to 7.6% during 2012 with net absorption this quarter at 51,000 square feet. Downtown Vancouver vacancy rates remain low at 3.5%. This is expected to change when HSBC moves into its new location.
There are a number of developments under construction including 745 Thurlow, Telus Garden, and the MNP tower, which will be creating competition in this marketplace.
The market is steady at the moment, however landlords need to be aware of the impeding supply and be sure that their tenants are locked up before they go shopping for new terms including potentially significant inducements to move.
When shopping for space, tenants are looking for green buildings, and amenities like bike lockers, showers and fitness facilities.
Industrial: Vancouver’s industrial market showed a slight decline in leasing activity. Following a strong start to the year, the second quarter of 2012 saw vacancy rate move upwards from 3.8% to 4.0 %.