First Movers Q2 2025 – 13 Notable Office Lease Transactions 

Floorspace is proud to present our Q2 2025 update on notable office leasing activity in Vancouver, British Columbia. 

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

Notable Office Leases in Downtown Vancouver

1. Hiive at 980 Howe Street

• Head office expansion leasing ~48,000 square feet across three full floors, including the penthouse and the currently occupied 7th floor.
• Founded in 2021, Hiive is a fast-growing Vancouver fintech offering a marketplace for secondary trading of pre-IPO shares in private, venture-backed companies.
• Some recent accomplishments of Hiive include a 398% surge in monthly active users. The platform has also surpassed $1 billion in completed transactions and earned LinkedIn’s ‘Top Startup’ recognition in 2024.
• 980 Howe is owned by Manulife Real Estate.

2. TELUS Health at 658 Homer Street

• New lease for ~42,000 square feet. 
• Based in Vancouver, TELUS Health is the health technology division of TELUS Corporation. It provides digital solutions connecting healthcare providers and patients across mental, physical, and financial health services.
• TELUS Health recently acquired Workplace Options for $500 million. This acquisition significantly expands its global employee wellbeing services, reaching over 150 million people in more than 200 countries.
• 658 Homer Street, also known as The Post, is owned by QuadReal Property Group. It is also home to Amazon and Sony in Vancouver.

3. Meta at 200 Burrard Street

• Renewal for approximately 41,000 square feet, covering 4^th and 5^th floor. 
• Headquartered in California, Facebook (now part of Meta Platforms) is a social media company that connects people worldwide. It offers tools to share content, communicate, and build online communities.
• Canadian firm Enbridge recently announced a $900 million solar project in Texas. The project will fully power Meta’s data centers, supporting its global sustainability goals and Canadian operations.
• 200 Burrard, also known as Waterfront Centre, Waterfront Centre is owned and managed by Cadillac Fairview.

4. Sedgman Canada Ltd. at 625 Howe Street

• Renewal of approximately 19,000 square feet in unit 810 and 900. 
• Sedgman Canada Ltd. is a Vancouver-based firm. It specializes in Engineering, Procurement, and Construction (EPC) services for the mining and mineral processing industry.
• Sedgman’s Canadian arm, Novopro, significantly expanded its Montreal laboratory. This expansion boosts advanced testing capabilities for critical minerals processing and strengthens Canada’s role in resource innovation.
• 625 Howe, also known as The Standard Life Building, is currently owned by Sunnyland Group.

5. McEwan Partners at 733 Seymour Street 

• New lease for approximately 15,000 square feet on the 15^th floor. 
• Founded in 2017, McEwan Partners is a distinguished litigation boutique based in Vancouver. The firm specializes in complex corporate, commercial, and securities matters.
• McEwan Partners was named British Columbia Firm of the Year at the 2025 Benchmark Litigation Canada Awards in Toronto.
• 733 Seymour Street, also known as Vancouver Centre II, is owned by GWL Realty Advisors.

6. Next Chapter Software at 1085 Homer Street

• Relocation and expansion within the same building, covering approximately 8,200 square feet in unit 600. 
• Based in Vancouver, Next Chapter Software is the developer of Unblocked. This AI-powered tool helps engineers get accurate answers. It connects their code with knowledge from tools like GitHub, Slack, Confluence, and Jira.
• Unblocked recently raised $20M in Series A funding. The platform also added key features, including PR Failure Agent, MCP Server beta, and Asana integration, to boost developer productivity.
• 1085 Homer is owned by Dayhu Group of Companies.

7. mimik Technology at 1 Alexander Street 

• New lease for approximately 7,928 square feet on the 2nd floor.
• Headquartered in California, mimik Technology Inc. is a software company. It offers a hybrid edge-cloud platform that turns smart devices into cloud servers to support distributed AI, IoT, and low-latency applications.
• Recently, mimik Technology Inc. and Tech Mahindra launched the world’s first Agentic AI Production Center. The center trains and supports developers in building advanced autonomous AI workflows.
• 1 Alexander Street, also known as The Dunn Building, is currently owned and operated by Low Tide Properties.

Notable Office Leases in Vancouver Periphery 

8. Mosaic Homes at 114 East 4^th Avenue 

• New lease for approximately 19,000 square feet. 
• Mosaic Homes is a Vancouver-based real estate developer. It specializes in the design, construction, and sale of high-quality multi-family homes, including townhomes and apartments.
• In May 2025, Mosaic Homes launched Trailside at Lynn, a 61-unit condo building completing its decade-long Lynn Valley community. Ten homes were sold in the first 48 hours.
• 114 East 4^th Avenue, also known as M2 at Main Alley, is currently owned by San Francisco-based Spear Street Capital. 

Notable Office Leases in Suburban Markets 

9. Stantec at 4515 Central Boulevard

• Renewal of approximately 49,000 square feet in unit 500 and additional unidentified units. 
• Based in Edmonton, Stantec Inc. is a global leader in sustainable design and engineering consulting, offering architecture, infrastructure, and environmental services through over 450 offices worldwide.
• In 2025, Stantec made strategic acquisitions of Cosgroves in New Zealand, Page in the U.S., and Ryan Hanley in Ireland. These acquisitions enhance its engineering and design capabilities across key global markets.
• 4515 Central Boulevard, known as Metrotower III, is currently owned and operated by the Metro Vancouver Regional District.

10. ICBC at 4800 Kingsway 

• New sublease for approximately 30,000 square feet in unit 490. 
• ICBC is a provincial Crown corporation based in North Vancouver, BC, providing mandatory auto insurance, driver licensing, vehicle registration, and road safety programs across British Columbia. 
• ICBC is set to relocate its headquarters between December 2026 and May 2027 from 151 West Esplanade in North Vancouver, a site it has occupied for 40 years. The move will take the organization to The Hive at 2150 Keith Drive in Vancouver, where it will reduce its footprint from 300,000 to 165,000 sq. ft. under a 15-year lease.
• Additionally, 4800 Kingsway, known as The Galleria at Metrotown, is owned by Ivanhoé Cambridge

11. Verathon Medical at 4601 Canada Way 

• New lease for approximately 24,000 square feet.  
• Based in Washington, Verathon is a medical equipment manufacturing company specializing in airway management, bronchoscopy, and bladder volume scanning devices. 
• Last month, Verathon launched the GlideScope ClearFit. Its new airway device combining a reusable camera handle with disposable covers to enhance visualization and patient safety during procedures.
• 4601 Canada Way, also known as Canada Way Business Park, is currently owned by Crestpoint. 

12. PCL Construction at 788 Harbourside Drive 

• New lease for approximately 17,900 square feet. 
• Headquartered in Edmonton, PCL Construction is a renowned construction firm. It specializes in buildings, civil infrastructure, and heavy industrial projects throughout Canada, the U.S., Australia, and the Caribbean. 
• Notable BC projects by PCL include the St. Paul’s Hospital Redevelopment, BC Place Revitalization, and The Post. Other major projects include the Vancouver Convention Centre Expansion and the YVR Satellite Primary Inspection Line Project.
• GWL Realty Advisors owns 788 Harbourside, also known as Harbourside Centre.

13. Infoblox at 4710 Kingsway 

• New sublease for approximately 11,000 square feet on the 12^th floor. 
• Infoblox is a California-based network security company providing automated solutions for managing and securing enterprise networks, including device identification, IP address management, and cybersecurity.
• Recently, Infoblox has partnered with Google Cloud to provide combined cloud-based networking and security solutions designed to simplify enterprise network management and improve defense against cyber threats.  
• Currently, Sunnyland Group owns 4710 Kingsway, also known as Metrotower I.

According to CBRE’s latest report, downtown Vancouver’s vacancy rose from 10.7% to 11.9% in Q2 2025. The market also recorded negative net absorption of −319,213 sq. ft., reversing the positive momentum from Q1. This decline was largely driven by newly listed spaces, including ~100,000 sq. ft. of sublease from University Canada West and ~71,000 sq. ft. of direct space at the newly renovated 510 West Hastings.In contrast, the suburban market saw vacancy fall from 10.8% to 9.9%. Net absorption also jumped from just +10,032 sq. ft. to +184,367 sq. ft., reflecting strong tenant activity. The uptick in demand is reflected by the number of deals completed in the suburban market this quarter, as companies respond to return-to-office (RTO) policies and seek larger, more cost-effective space options outside the core. 

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