First Movers Q1 2025 – 18 Notable Office Lease Transactions

Floorspace is proud to present our Q1 2025 update on notable office leasing activity in Vancouver, British Columbia.

We have highlighted First Movers over the past quarter – companies who have made a commitment to move, sublease, expand their footprint or renew their leases.

Notable Office Leases in Downtown Vancouver

1. SAP at 910 Mainland Street

• Renewal for approximately 146,000 square feet. 
• Headquartered in Germany, SAP is a global leader in enterprise applications and business AI, providing software solutions to optimize operations, manage data, and enhance business processes. 
• Recently, SAP advanced its AI Copilot ‘Joule’ into an autonomous agent that provides insights, automates tasks, and assists with decision-making across SAP business systems. 
• 910 Mainland is owned by Kingswood Capital Corporation, a Segal family-owned office leasing and development firm. 

2. Raymond James at 925 West Georgia Street 

• Renewal and expansion to approximately 88,000 square feet, including the 6th floor – adding to their existing lease in the building. 
• Raymond James, based in Florida, is a diversified financial services firm offering investment, financial planning, and asset management services to individuals and institutions. 
• Raymond James has recently relocated its Saskatoon and Kelowna offices to upgraded prime locations, aiming to improve the client experience with expanded meeting spaces.
• 925 West Georgia, also known as Cathedral Place, is owned by Shon Group. 

3. Royal Bank of Canada at 745 Thurlow Street

• Expansion of approximately 82,000 square feet, taking over the 5th, 6th, 8th, 9th, and 10th floors. This is in addition to the three floors already held by RBC Dominion Securities.
• Royal Bank of Canada (RBC) is one of Canada’s largest and most diversified financial institutions, providing personal and commercial banking, wealth management, insurance, investor services, and capital markets products globally.
• 745 Thurlow is owned and managed by QuadReal Property Group and RBC Global Asset Management Inc. 

4. Wood Canada Limited at 111 Dunsmuir Street 

• Renewal for approximately 73,000 square feet. 
• Wood Canada Limited, part of Aberdeen-based Wood PLC, is a global consulting and engineering leader in the energy and materials sectors, offering comprehensive project lifecycle solutions. 
• Wood has been awarded a $200 million, seven-year contract by BC Hydro to modernize and expand British Columbia’s electrical grid, supporting the province’s 2030 emission reduction goals. (Wood) 
• 111 Dunsmuir Street, also known as AMEC Building, is owned by Morguard. 

5. Cassels Brock & Blackwell LLP at 666 Burrard Street 

• New lease for approximately 43,000 square feet, covering half of the 29th floor and the entire 30th and 31st floors. 
• Headquartered in Toronto, Cassels is a leading Canadian law firm that delivers comprehensive legal services in transactions, litigation, and advisory across a broad spectrum of industries and business stages. 
• Cassels’ Toronto office, designed by Gensler, was featured by officelovin.com back in late 2023.  You can find more details here. 
• 666 Burrard Street, also known as Park Place, is owned and operated by QuadReal Property Group. 

6. Roper Greyell LLP at 320 Granville Street 

• Relocation and expansion from 745 Thurlow, covering approximately 41,000 square feet across floors 21 -23. 
• Based in Vancouver, Roper Greyell is one of Western Canada’s top firms for workplace law, delivering legal expertise across employment, labour, and human rights issues. 
• 320 Granville, also known as Bosa Waterfront, is a relatively new AAA office tower by Bosa Development. Originally planned as a fully leased building, Bosa sold a number of the lower floors as strata office units at record prices (launch date – November 2017) and retained a portion of the building for lease. 

7. Stikeman Elliott LLP at 666 Burrard Street

• Relocation from floor 15^th, 16^th and 17^th floor to upper floors at 26^th, 27^th and 28^th floor, covering approximately 40,000 square feet. 
• Headquartered in Toronto, Stikeman Elliott LLP is a leading Canadian law firm specializing in M&A, securities, litigation, banking, tax, energy, real estate, and project development. 
• 666 Burrard Street, also known as Park Place, is owned and operated by QuadReal Property Group. 

8. Axiom Builders at 1021 West Hastings Street

• Renewal for approximately 40,000 square feet. 
• Axiom builders is a Vancouver-based construction company specializing in residential and commercial projects, with over 12 million square feet under construction across North America.  Paul Bosa serves as the CEO of Axiom Builders, that collaborates closely with Bosa Properties and is considered part of the broader Bosa family of companies. 
• Some of Axiom’s notable projects in Vancouver include Cardero at 620 Cardero Street, redevelopment of Richmond Centre and iA Financial Vancouver headquarters at 988 West Broadway.  
• 1021 West Hastings, also known as MNP Tower, is owned and managed by Oxford Properties. 

9. Rivian at 1050 Homer Street 

• Expansion of approximately 26,000 square feet. 
• Based out of Irvine, California, Rivian is an electric vehicle manufacturer specializing in all-electric trucks, SUVs, and delivery vans, with a focus on off-road performance and sustainability.  
• Rivian partners with major companies such as Volkswagen Group, AT&T, Apple Music, and HelloFresh to enhance electric vehicle solutions and in-vehicle services. 
• 1050 Homer Street is currently owned and managed by Allied Properties REIT. 

10. Autodesk at 595 Burrard Street 

• New lease for approximately 16,298 square feet. 
• Autodesk, based in San Francisco, is a multinational software developer known for products like AutoCAD, Revit, Maya, and 3ds Max, used for design, engineering, and media production across various industries. 
• Autodesk was recently ranked #4 in Architecture on Fast Company’s 2025 Most Innovative Companies list for its carbon analysis tools. (Autodesk) 
• 595 Burrard Street, also known as Bentall 3, is managed by Hudson Pacific. 

11. TCC Canada at 885 West Georgia Street 

• New sublease for approximately 16,287 square feet. 
• Vancouver-based TCC Canada is a provider of flexible office solutions, including private offices, coworking spaces, and virtual offices. 
• 885 West Georgia Street, also known as RBC Place, is owned and managed by Cadillac Fairview. 

12. Vancouver Foundation at 1075 West Georgia Street 

• New lease for approximately 14,774 square feet in Unit 500. 
• The Vancouver Foundation supports local charities in British Columbia by managing endowment funds and distributing grants. 
• 1075 West Georgia, also known as Arthur Erickson Place, is co-owned by KingSett Capital, Crestpoint Real Estate Investments and Reliance Properties. 

13. Quadient AP Automation by Beanworks at 948–950 Homer Street

• New lease for approximately 12,000 square feet, moving from 1159 Hamilton Street. 
• Founded in 2012 in Vancouver, BC, Beanworks was acquired by Quadient in 2021 and rebranded in 2022. Headquartered in France, Quadient AP Automation is a cloud-based solution that streamlines accounts payable processes through AI-driven invoice management, approvals, and payments. 
• 948–950 Homer Street, also known as Chintz Building, is owned by Allied Properties REIT. 

14. Klue Labs at 777 Hornby Street 

• Klue expanded by approximately 10,000 square feet in Unit 1600, bringing their total footprint at 777 Hornby Street to just over 20,000 square feet across two full floors.
• Founded in 2015 by Jason Smith and Sarathy Naicker, Klue has developed an AI-powered platform that helps businesses collect, curate, and distribute competitive intelligence, enabling sales and marketing teams to make informed decisions and win more deals. 
• Klue recently acquired Goldpan.ai (March 2025) to enhance its AI-driven win-loss research capabilities, integrating Goldpan’s specialized tools to deliver deeper buyer insights at scale. Read more about this acquisition on Techcouver. 
• 777 Hornby is owned and operated by QuadReal Property Group. 

15. Spare Labs at 601 West Hastings Street 

• New lease for approximately 9,000 square feet across the entire third floor. The fully renovated, move-in-ready space offered premium office finishes and was ideally suited for immediate occupancy. 
• Spare Labs is a Vancouver-based technology company specializing in AI-powered mobility operations software for public transit agencies. 
• Spare raised $42 million CAD in Series B funding led by Inovia Capital, with continued support from Kensington Capital and Nicola Wealth, to expand its innovative transit solutions, especially in paratransit.  
• 601 West Hastings, also known as Waterfront Hub, is owned by PCI Developments. 

Notable Office Leases in Vancouver Periphery 

16. Nicola Wealth at 1477 West Broadway Street

• Expansion of new headquarters lease with 6^th floor covering approximately 22,000 square feet; initial deal highlighted in our Q4 2024 First Movers Report. 
• Nicola Wealth Real Estate, the real estate division of Nicola Wealth Management Ltd., is a Vancouver-based investment firm with a diversified portfolio of residential, commercial, and industrial properties. 
• Nicola Wealth has been named one of British Columbia’s Top Employers for 2025, marking its 7^th consecutive year receiving this recognition. (Nicola) 
• 1477 West Broadway (The Stories) is owned and managed by PCI Developments. 

17. Thinkific at 369 Terminal Avenue 

• Renewal for approximately 20,802 square feet. 
• Headquartered in Vancouver, Thinkific offers a comprehensive platform that enables individuals and organizations to develop, market, and deliver online courses to a global audience.  
• 369 Terminal Avenue, also known as Van Tech Centre II, is owned by the Scholz Family. 

18. Jade Biosciences at 2055 Columbia Street 

• New lease for approximately 6,800 square feet on the 4^th floor. 
• Based in Massachusetts, Jade Biosciences is a biotech company focused on developing treatments for autoimmune diseases, including its lead therapy for IgA nephropathy. 
• Recently, Aerovate Therapeutics’ stockholders approved a proposed merger with Jade Biosciences, aiming to combine Aerovate’s focus on rare cardiopulmonary diseases with Jade’s expertise in autoimmune diseases. (Nasdaq) 
• 2055 Columbia Street, also known as Fifth & Columbia, is owned by Nicola Wealth and managed by Warrington PCI Management. 

According to CBRE’s latest report, Metro Vancouver’s office market showed early signs of recovery as the overall vacancy rate declined to 10.7%, down 50 basis points from the previous quarter. This improvement was largely driven by the Downtown market, which recorded 219,989 square feet of positive absorption – nearly three times higher than the previous quarter. In contrast, suburban vacancy remained unchanged at 10.8%, reflecting a shift in tenant demand toward central locations. Sublet vacancy in the core also declined sharply by 4.8%, further tightening supply. With no new inventory added across either Downtown or suburban markets this quarter, demand continued to focus on existing high-quality assets. Class AAA and A buildings in Downtown posted their lowest vacancy rates since Q3 2022. As new supply remains limited, pressure on premium space is expected to persist.

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The information above was obtained from sources deemed reliable (including quarterly reports from CBRE, Colliers, Cresa, Cushman Wakefield & NAI), however, its accuracy cannot be guaranteed. All figures, including square footage are approximate.