Real Estate News 
This month, Floorspace Associate Vice President Christopher O’Neill was featured in the latest BIV News magazine life sciences edition on enabling a globally competitive life sciences sector.
In the publication, the False Creek Flats neighbourhood was highlighted as being on the verge of a major transformation, driven by the clustering of life sciences and technology labs in the area. O’Neill discusses the critical shortage of laboratory space in Metro Vancouver and the momentum he’s seeing in the area.
A seven-acre site known as the Innovation Hub, located between Industrial and Terminal Avenues, is becoming a gathering place for life sciences and technology companies. The area’s anchor tenant will be the new St. Paul’s Hospital, which will include an 11-storey acute care tower set to open in 2027 and a clinical support and research centre set to open in 2028. Wendy Hulburt, CEO of Life Sciences BC, underscores the power of proximity, noting that innovation thrives when companies work closely together, a trend seen in scientific hubs worldwide.
Today’s industry boom is marked by rapid growth and consolidation of the sector, which saw momentum starting in 2018. However, looking ahead, the Innovation Hub may still struggle to meet the demands of Canada’s largest life sciences sector, which has grown 25% in three years and attracted $13 billion in capital and investment over the last decade.
O’Neill points out that there are only three move-in ready lab spaces across Metro Vancouver. “The scarcity is so apparent in laboratory space that we typically don’t use vacancy rates like we would in other asset classes,” O’Neill says. “When you look at the time it takes to design a lab, get permits and do the construction, it becomes prohibitive. When these companies need more space, they needed it yesterday.”
When you look at the time it takes to design a lab, get permits and do the construction, it becomes prohibitive. When these companies need more space, they needed it yesterday.
Christopher O’Neill, Associate Vice-President of FLOORSPACE
Despite the challenges, O’Neill notes that clients are already sensing growing momentum around the Innovation Hub. “People don’t want to be at UBC, Richmond, or Big Bend in Burnaby as much; they want to be in Mount Pleasant and False Creek,” O’Neill explains. “It’s accessible with rapid transit, bikeable, and walkable, but attracting and retaining talent remains a key concern for those in the life sciences sector.”
The Innovation Hub is poised to play a crucial role in addressing the growing labor gap in the life sciences sector, which could reach 5,500 by 2027, according to a recent Life Sciences BC report. President and CEO of Providence Healthcare, Fiona Dalton, adds that collaboration within this ecosystem could help address pressing issues like the toxic drug epidemic, drawing inspiration from the successful model of St. Paul’s BC Centre for Excellence in HIV/AIDS, which developed impactful solutions with global relevance.
Christopher O’Neill is the Associate Vice President of Floorspace and specializes in working with life science companies to help them to identify and source facilities across Vancouver.
Christopher ensures that clients find spaces tailored to their unique needs.
Join him on September 26th at the 2024 CREW Network Convention, where he will share valuable insights alongside industry leaders in the panel discussion, “Life Science Spaces: Market Scan and Opportunities,” highlighting the evolving landscape and exciting possibilities for growth in the sector.
Read the full article on page 28: Investment Flows to False Creek Flats
Learn more about the 2024 CREW Network Convention: 2024 CREW Network Convention
