First Movers Q2 2023 – 10 Notable Lease Transactions

Floorspace is proud to present our Q2 2023 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. Intact Insurance at 200 Granville Street

• Approximately 50,605 square feet over 4 floors.
• Intact Insurance is a leading Canadian property and casualty insurance company, providing a diverse portfolio of insurance products and services for individuals and businesses.
• 200 Granville Street is managed by Cadillac Fairview

2. Telus Health (LifeWorks) at 411 Dunsmuir Street

• Approximately 39,732 square feet.
• Telus Health is a Canadian healthcare technology company that offers a wide range of digital health solutions and services, aiming to improve the efficiency and accessibility of healthcare delivery for patients, healthcare providers, and organizations.
• Omicron Projects, a design and construction firm, completed a heritage rehabilitation and expansion of the building in 2014.
• 411 Dunsmuir Street is owned by a local family.

3. Lundin Mining at 1055 Dunsmuir Street

• Approximately 35,000 square feet over 2 floors.
• Lundin Mining is a Canadian mining company with operations and projects in Argentina, Brazil, Chile, Portugal, Sweden, and the United States of America, primarily producing copper, zinc, gold, and nickel.
• 1055 Dunsmuir, also known as Bentall Four, is managed by Hudson Pacific Properties.

4. Pan American Silver at 733 Seymour

• Approximately 30,000 square feet over 2 floors.
• Pan American Silver is a prominent Canadian mining company specializing in the exploration, acquisition, development, and production of silver, gold, and other precious metals.
• 733 Seymour, also know as Vancouver Centre II, is managed by GWL Realty Advisors on behalf of HOOPP.

5. Canadian College of Technology and Business at 101 Smithe Street

• Approximately 30,000 square feet over 5 floors.
• The Canadian College of Tech and Business is an educational institution that offers a diverse range of programs focused on technology and business, providing students with practical skills and knowledge for career advancement in their chosen fields.
• 101 Smithe Street is managed by a private landlord.

6. Kaseya at 555 Robson Street

• Approximately 27,000 square feet over 2 floors.
• Kaseya provides IT management and remote monitoring software solutions, enabling businesses and managed service providers to efficiently manage and secure their IT infrastructure and deliver high-quality IT services to their customers.
• 555 Robson Street is managed by GWL Realty Advisors.

7. Cushman & Wakefield at 700 West Georgia Street

• Approximately 17,000 square feet.
• Cushman & Wakefield relocated from Space within the building.
• Cushman & Wakefield is a global commercial real estate services company that offers a wide range of integrated solutions to help clients in buying, selling, leasing, and managing real estate properties.
• 700 West Georgia Street, also known as the TD Bank Tower, is managed by Cadillac Fairview.

Notable Office Leases in Vancouver Periphery

8. SLR Consulting at 887 Great Northern Way

• Approximately 13,362 square feet.
• SLR Consulting is a global environmental and advisory firm that offers a wide range of consulting services, including environmental assessment, planning, and engineering, assisting clients in addressing complex environmental challenges and achieving sustainable solutions across various industries.
• 887 Great Northern Way is owned and managed by Low Tide Properties.

Notable Office Leases in Vancouver Suburban

9. SignalChem at 13160 Vanier Place

• Approximately 10,176 square feet.
• SignalChem expanded their existing space into the Switch Health’s sublease space.
• SignalChem is a Canadian biotech company that specializes in the production of high-quality recombinant proteins, antibodies, and assay kits for research and drug discovery purposes. They focus on providing innovative tools and solutions to researchers and pharmaceutical companies worldwide, supporting advancements in the fields of cancer, neuroscience, and various other areas of life sciences.
• 13160 Vanier Place is managed by Alpha Equities.

10. Vancouver Coastal Health at 10551 Shellbridge Way

• Approximately 10,818 square feet.
• Vancouver Coastal Health is working with Chernoff Thompson Architects to build out the space to become a primary care centre in East Richmond.
• 10551 Shellbridge Way is managed by Fiera Real Estate

As reported by CBRE, Metro Vancouver’s overall office vacancy rate increased by 60bps to 9.0% over the past quarter (Q1 2023 8.4%). Downtown Vancouver vacancy sits at approximately 11.5%, up from 10.4% in Q1 2023. This quarter ~ 500,000 SF of new supply was added to the downtown market including the South Tower of The Post. Another ~ 1,153,477 SF is under construction, with Bentall 6 and the North Tower of The Post both set for delivery later this year.

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